There are no sign oil markets will see a reprieve from volatile pricing shifts as sanctions on Russia fueled fears of an oil shortage..Bank of America analysts noted if Russia’s oil is cut off, the market could face a five million barrel shortfall which could push oil prices to $200 per barrel..Friday, the price for West Texas Intermediate (WTI) was up more than 3% to $111.04 per barrel. As of Monday morning, WTI is fluctuating close to $120..In one month, the price per barrel for WTI has jumped $30 from $90 to $120 and on Sunday briefly went above $130 with US talks of potential sanctions on Russian crude oil.. Wild ride for oil markets brings record-high pricesGraph of WTI Crude courtesy oilprice.com .The skyrocketing cost of oil is driving up prices at the pump across Canada and the world. Record high gas prices are hitting consumers hard with a national average price of $1.77 per litre .BC residents have been hit the hardest, paying exorbitant prices at the pump, with many gas stations throughout Metro Vancouver tipping $2.10 per litre Sunday, breaking records in a region already known for some of the highest gas prices in Canada.. Wild ride for oil markets brings record-high pricesGraph of WTI Crude (March Contract) courtesy oilprice.com .Greater Victoria broke its own record last week with prices hitting $1.95 per litre Thursday with an average of $1.93 per litre — the highest recorded average..Melanie Risdon is a reporter with the Western Standard.,.mrisdon@westernstandardonline.com
There are no sign oil markets will see a reprieve from volatile pricing shifts as sanctions on Russia fueled fears of an oil shortage..Bank of America analysts noted if Russia’s oil is cut off, the market could face a five million barrel shortfall which could push oil prices to $200 per barrel..Friday, the price for West Texas Intermediate (WTI) was up more than 3% to $111.04 per barrel. As of Monday morning, WTI is fluctuating close to $120..In one month, the price per barrel for WTI has jumped $30 from $90 to $120 and on Sunday briefly went above $130 with US talks of potential sanctions on Russian crude oil.. Wild ride for oil markets brings record-high pricesGraph of WTI Crude courtesy oilprice.com .The skyrocketing cost of oil is driving up prices at the pump across Canada and the world. Record high gas prices are hitting consumers hard with a national average price of $1.77 per litre .BC residents have been hit the hardest, paying exorbitant prices at the pump, with many gas stations throughout Metro Vancouver tipping $2.10 per litre Sunday, breaking records in a region already known for some of the highest gas prices in Canada.. Wild ride for oil markets brings record-high pricesGraph of WTI Crude (March Contract) courtesy oilprice.com .Greater Victoria broke its own record last week with prices hitting $1.95 per litre Thursday with an average of $1.93 per litre — the highest recorded average..Melanie Risdon is a reporter with the Western Standard.,.mrisdon@westernstandardonline.com