Gasoline prices today March 13: A week of "shocking" increase in oil, "shocking" decrease

 Oil prices spiked to nearly $140/barrel, then "plunged" up to 13%. Last week was a volatile week for oil prices.

US WTI crude oil closed the week session up 3.12%, or 3.31 USD to 109.33 USD/barrel while Brent crude oil stopped at 112.7 USD/barrel, up 3.34 USD, equivalent to 3.05%.

While both oil commodities ended the week in gains, for the whole week, both Brent and WTI experienced their deepest weekly declines since November 2021 with Brent falling 4.8% and WTI fell 5.7%.

“Black gold” started the week with a “shocking” gain to 139.13 USD/barrel. Only 7 dollars and 87 cents left for Brent oil to "touch" the all-time high price that this commodity set in 2008.

The "shocking" rise to more than 10 USD in oil prices is due to the delay in concluding the Iran nuclear negotiations and the "scarcity" of oil as buyers continue to "stay away" from Russian oil due to concerns about the risks of nuclear weapons. New sanctions could target Russian oil and gas. And in fact, on March 8, US President Joe Biden announced a ban on Russian energy imports, including oil, liquefied petroleum gas, and coal, into the US. This move of the Biden administration is in response to the special military operation that Russia launched in Ukraine.

The "black gold" only "cooled down" when the Iran nuclear talks reached a "stalemate" again when Russia asked the US to ensure that the sanctions it faces in the Ukraine conflict would not affect the situation. affect their trade with Tehran; UAE and Iraq to "open" the possibility of refueling the market; and the world's major oil consumers can release more oil from their strategic reserves.Oil prices plunged nearly $17, or 13% - the steepest daily drop in the past two years - in the trading session on March 9. This can be considered the worst day of "black gold".

Last week was really a volatile week for oil prices. Don't know if the price of "black gold" will cause any more "shocks" to the market next week?

Next week, oil market reports from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) will be the focus, according to UBS analyst Giovanni Staunovo.

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