Oil Spikes to Eight Year High – 2 March, 2022
Brent crude oil was on a 2007-2008 climbing path before they crashed in a global recession. Brent crude hit as high as $113.02, its highest since June 2014 as fears of a supply disruption mounted when additional sanctions were placed on Russian banks in response to the attacks on Ukraine. A coordinated release of 60 million barrels of oil from strategic reserves by International Energy Agency member countries was agreed on Tuesday but failed to calm spiking prices. Oil inventories had been decreasing in a sharp post-pandemic recovery.