Oil Rips Higher Past $105 a Barrel Oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the severity of disruption to Russian supplies showed signs of growing. Futures in London and New York both jumped above the threshold intraday, with West Texas Intermediate hitting the highest since 2013. The market’s structure has moved into super-backwardation , indicating extreme scarcity, while prices have also surged through major option strikes, exacerbating price swings. Russia’s flagship Urals crude oil was offered for sale at a record discount but got no bidders, the latest indication that trading of oil from the country’s western ports is grinding to a halt. Consultant Energy Aspects said about 70% of Russian crude trade is currently frozen amid banking sanctions, spiking freight rates and wider political risks. The global oil market had already tightened significantly prior to the invasion, after economies rebounded strongly […]