War and Oil....It's really hard too tell yet how this shakes out.....
What sanctions to come on Russia will be the next mover on prices. This is alot different then the Gulf war. Russia production isnt going to be effected as the war is over Ukraine land.
In many aspects...Russia has incentive to sell more oil as they need money VERY BADLY right now. Ruble has crashed and so has their stock market. Moscow shut their stock market down yesterday,....
I am concerned about a global recession because this Ukraine war could really esuclate price of food and wheat etc to Europe as Ukraine was a supplier.
Long term that is a negatiive for oil.
I would rather see oil hit this price on healthy fundamentals not temp boosts.....