Oil posted its first back-to-back weekly decline since December as intense volatility and geopolitical risks continued to upend markets.
Futures in New York fell 4.2% for the five-day period to settle at $104.70 after swinging by more than $16 a barrel throughout the week. The price gyrations have followed rapid developments surrounding the war in Ukraine, exacerbating volatility amid supply concerns and conflicting news in peace talks that sent oil surging by the most in 16 months Thursday. The IEA said Friday that oil markets are in an “emergency situation” that could get worse, days after stating that the potential loss of Russian oil exports “cannot be understated” in their monthly report.
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