Oil futures dip 13pc on weekly basis as wild ride continues

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Crude oil futures dipped up to 13 percent on a week-on-week (WoW) basis, with prices posting their largest one-week percentage loss in nearly two years and continuing their wild ride amid the Russia-Ukraine conflict.

Prices declined on the back of the largest-ever release from US crude reserves and news of a coordinated release by other International Energy Agency (IEA) members from emergency stockpiles.

Brent, the international benchmark for two-thirds of the world’s oil, edged lower by $16.26 (-13.48 percent) to $104.39 from $120.65 on a week-on-week (WoW) basis.

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