Oil markets faced near-unprecedented volatility in 2022. Although the year ended with crude oil prices roughly where they started the year, it also saw the US West Texas Intermediate (WTI) price benchmark rise to almost $124 a barrel (b). and Brent crude to $133/b in March after the Russian invasion of Ukraine before falling to $71/b WTI and $76/b Brent December.[1] the greatest release of all time[2] by the US Strategic Petroleum Reserve (SPR) as…
