Oil sheds most of its Russian war premium and falls into a bear market less than a week after

[Yo_Mama_Been_Loggin]

hitting 14-year highs

Oil prices have entered a bear market, having shed most of the gains made after Russia's invasion of Ukraine, as concern about a supply crunch appeared to ebb and international diplomacy efforts made a release of Iranian oil more likely.

Brent crude futures fell by a modest 0.1% to $99.75 a barrel and West Texas Intermediate lost 0.3% to $96.15 a barrel Wednesday.

Oil surged in the first week or two as Vladimir Putin's invasion of Ukraine triggered a sharp reduction in demand for Russian oil, and commodity traders raced to find alternative sources of fuel to avoid any form of sanctions or restrictions.

Prices have now shed around $10 since the beginning of this week and unwound most of the gains made since the start of the war almost three weeks ago.

https://www.msn.com/en-us/money/markets/oil-sheds-most-of-its-russian-war-premium-and-falls-into-a-bear-market-less-than-a-week-after-hitting-14-year-highs/ar-AAV88Wo

[uponit7771]

1. K&R, it'll take weeks for gas prices to come down when it took days for them to go up. This ...

... "inflation" isn't organic at all it's naked greed.

[Ocelot II]

2. Actually, the reason is that the gas stations have already paid for

the expensive gas, so they have to charge the higher price until those supplies are used up and they can start buying the less expensive stuff. Which isn't to say that there can't be any price gouging going on somewhere, but probably not at the local supplier level.