Oil continues to surge as Russia-Ukraine tensions weigh

$100 oil may be on the cards now as prices are jumping amid Russia-Ukraine tensions and as we await sanctions to hit Russia.

Brent W1 22-02

Markets are getting rather jittery on the whole situation and this is seeing oil surge further this week after a bit of a stall in the week prior.

From a technical perspective, there isn’t anything standing in the way of a shove towards $100. If you add in a trifecta of other bullish reasons i.e. low inventory, producers unable to keep up with demand, and steep backwardation in the curve, it makes for quite the compelling argument that oil should see triple digits.

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