Oil Recovers With ‘Panic-Stricken’ Market Gripped by Wild Swings - Bloomberg

Oil Recovers With ‘Panic-Stricken’ Market Gripped by Wild Swings - Bloomberg

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West Texas Intermediate for April rose 4.8% to $113.93 a barrel at 9:05 a.m. in New York. Brent for May settlement gained 6.1% to $117.23. Brent crude rebounded after slumping the most in almost two years as the fallout from Russia’s invasion of Ukraine continues to rattle what one analyst called a “panic-stricken” market. Futures in London topped $118, while those in New York rose near $115 a barrel. Markets have been panicky since war broke out, seeing sharp intraday swings on headlines from Ukraine and OPEC+ members. On Thursday, the foreign ministers of Russia and Ukraine met in Turkey, but failed to make any progress in halting the war. That follows the first signs of disunity in OPEC+ after the United Arab Emirates called on the group Wednesday to boost output faster than planned. The nation’s energy minister appeared to temper that message a few hours later. OPEC+, which counts Russia as a key member, has resisted calls from consumers to pump more, arguing that the surge in prices is driven by geopolitical tensions rather than a supply shortage. “OPEC+ will have to jump through many hoops to agree to deviate from its current road map,” said Vandana Hari, the founder of Singapore-based Vanda Insights, describing the market as “panic-stricken.”