- WTI futures touched $115/Bbl this morning as crude oil remains volatile
- Brent’s volatility stands at a 22-month high
- Oil’s volatility has sapped liquidity from the market
- There are signs traders have been stepping back from the wild price fluctuations by reducing their holdings of futures contracts (Bloomberg)
- Oil prices rose $8/Bbl yesterday as the EU was considering an oil embargo on Russia (BBG)
- There is a lack of consensus in the EU over whether to target Russian oil
- Germany is reliant on Russian crude imports and has so far rejected calls for a ban. Hungary is also opposed
- Leaders from the EU are set to meet Thursday, and any decision would need to be agreed upon by all 27 states