Oil resumed climbing at the end of a week where prices have swung within a $20 range since Russia’s invasion of Ukraine roiled global markets and fueled fears of a supply crunch.Futures in New York rose as much as 5.7% on Friday, en route to a weekly gain of over 20%. Brent has traded in its biggest range since the launch of the futures contract in 1988 — eclipsing the wild swings in the global financial crisis of 2008 and when demand plunged in the coronavirus pandemic. The rally only briefly paused Thursday as diplomats signaled negotiations with Iran were nearing some sort of resolution that could pave the way for a lifting of oil sanctions.“There has been nothing to take the edge out of this market and we’ve had single direction volatility, meaning prices higher,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. To lower prices, the market would need to see a change either OPEC or U.S. drilling activity change meaningfully, he said.
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