Volatility remains in oil markets, although price fluctuations have moderated. Concerns over a supply shortage as Russian energy is shunned after its invasion of Ukraine have intensified as Saudi energy facilities have come under attack from Yemen’s Houthis twice this week.
West Texas Intermediate on the New York Mercantile Exchange rose three out of five trading days, posting its first weekly gain in three weeks. After hitting a high of $114.93 on Wednesday, prices restored some gains before adding $1.56 or 1.4% on Friday to end the week at $113.90 a barrel, down from $112.12 at Monday’s close. List price ended the week at $110.38 a barrel, according to Plains All American. Prices are up around 50% globally so far this year.