- Oil futures traded lower Thursday morning as the market digests OPEC+’s decision to raise output, and equity markets came under selling pressure
- OPEC+ agreed to lift output yesterday for March. However, the group has not been able to keep up with current quotas, casting doubt on their ability to achieve further increases
- Oil prices are headed for a seventh weekly gain, with multiple Wall Street banks calling for triple digit crude
- Traders continue to monitor the situation in Ukraine amid concerns that Russia may invade (BBG)
- An incursion by Russia could potentially upend oil and gas flows
- Oil historian Daniel Yergin said further escalation over Ukraine could send prices to $100/Bbl, according to Bloomberg
- Last week, Citibank said there was likely already a $5/Bbl geopolitical risk premium built into the crude market