Oil blasted above the $110/barrel threshold on supply shortages
Oil blasted above the $110/barrel threshold on supply shortages
International benchmarks for crude oil settled above the $110/barrel threshold on Wednesday, 2 March 2022 as the market see limited alternatives to Russian crude following severe sanctions on Russia and mass withdrawal of oil majors from Russian oil assets.
Brent rallied $7.96/barrel or 7.6% to close at $112.93/barrel.
WTI rose $7.19/barrel or 7% to close at $110.60/barrel.