“At this stage it is anything but clear what could bring the Russian president to his senses, therefore the situation, the equity and oil markets will remain volatile,” PVM Oil Associates senior analyst Tamas Varga said in a brief Thursday, CNBC reported.
“Even if prices drop back below $100/bbl due to abating tension in Eastern Europe, the retracement might prove short-lived and product tightness could keep oil prices at elevated levels in months to come,” Varga said.
Between January 2021 and November 2021, Russia exported the second-largest amount of oil to the U.S., behind only Canada. Russia is also a key player in the global oil market and is Europe’s largest supplier.
