- Volatility continues in the oil markets as Brent crude reached nearly $120/Bbl before paring gains Thursday morning to $107
- WTI touched its highest since 2008 at $116.57
- Buyers of oil are continuing to avoid Russian crude as they try to navigate financial sanctions (BBG)
- There is speculation that Iran may get a nuclear deal within the next 72 hours
- Iranian oil journalist Reza Zandi tweeted “definitive news that within the next 72 hours, the nuclear deal will be signed in Vienna.”
- OPEC and its allies have decided to stick with the 400 MBbl/d production increase that was scheduled for April
- As the globe experiences high oil prices, the IEA’s Executive Director Fatih Birol said, “In a word, it was disappointing. I think we’ll leave it at that,”
- Outside of OPEC’s ability to increase supply, Iran is the quickest source of oil the market can consume