Oil rises to the highest since 2008 before turning lower
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California’s Petroleum Highway, which runs north-west of San Joaquin Valley and includes oil pipelines, pumps rigs, as well electrical transmission lines, dot the landscape.
George Rose | Getty Images
U.S. oil rose to the highest level in 2008, but then retreated and fell into negative territory. The market is weighing supply disruptions by Russia with a potential Iran nuclear deal.
West Texas Intermediate crude futuresThe benchmark oil price in the United States was $116.57 per barrel. This last sale occurred on September 22, 2008. Brent crudeThe highest since May 2012 was $119.84
Prices later stabilized. Brent dropped 0.2% to $110.31/barrel, and WTI fell 0.3% at $110.31/barrel. Brent was 0.2% lower at $113.14/barrel
Russia’s invading Ukraine is driving oil prices up. The possibility of a deal with Iran was mentioned as one option that might provide immediate relief in a market already tight.
In a note sent to clients, brokerage PVM noted Thursday that there has not been a “palpable thawing” in tension.
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