UBS: Would Stay Long Oil as Hedge Against Uncertainty Brent crude rose at the end of a week of unprecedented market swings as Russia’s war in Ukraine kept markets on edge. Futures in London were trading above $111 and have posted the biggest high-to-low range on record this week. West Texas Intermediate has swung the most since it turned negative in 2020 and was trading near $108. The market has been whipsawed by news of the U.S. ban on Russian crude imports and what looked to be the first signs of OPEC+ disunity. There continue to be signs that Russian oil is being shunned, with no buyers in a tender for crude from the country’s far east. The fallout from the war has rippled through commodity markets from wheat to key fuels such as gasoline and diesel, increasing inflationary pressure around the world. Rystad Energy predicted Brent could soar […]