The wild gyrations in crude markets continued on Tuesday, with Brent oil prices trading nearly 3 per cent higher and back up above $100 after briefly languishing below that level in the previous session.
Oil prices fell sharply to below $107 a barrel on Thursday as the US administration considered releasing crude for several months from their Strategic Petroleum Reserve (SPR).
Financial markets brace for more turmoil this week as the Russia-Ukraine conflict shows little signs of easing. At the same time, European Union nations consider joining the US in a Russian oil embargo sanction.
US will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K - a coordinated attempt by the worlds largest oil consumers to tame prices