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1. • • Crude oil futures spent much of 2022 surging, as demand for transportation fuels to travel returned while Russia's invasion of Ukraine and production cuts from the world's largest oil-producing nations and their allies (OPEC+) squeezed supply.
     www.reuters.com/business/energy/what-happened-2022-global-oil-rally-2022-12-08/

     Explainer: What happened to the 2022 global oil rally?

2. People also ask

   How much did crude oil cost in 2022?

   • The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating with Russia’s full-scale invasion of Ukraine on February 24, contributed to crude oil price increases.

   Crude oil prices increased in first-half 2022 and declined in second

   www.eia.gov/todayinenergy/detail.php?id=55079

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   Why did oil prices increase in 2022?

   • Oil prices climbed on tight supplies amid the war in Ukraine in 2022, but then slid on weaker demand from top importer China and worries of an economic contraction. Despite these fluctuations, oil prices still ended the year with a second straight annual gain.

   Oil ends year of wild price swings with 2nd straight annual gain

   www.reuters.com/business/energy/oil-set-close-higher-2022-turbulent-year-marked-by-tight-supplies-2022-12-30/

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   What happened to Benchmark crude oil prices in January?

   • Benchmark crude oil prices surged by $15/_bbl in January, breaching the $90/_bbl threshold for the first time since 2014. This development was reflected in the backwardation on the 12-month strip beginning with the April 2022 contract for both WTI and Brent, which hit double digits.

   Oil Market Report - February 2022 – Analysis - IEA

   www.iea.org/reports/oil-market-report-february-2022

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   How much does Brent crude oil cost in 2022?

   • Data source: CME Group, Intercontinental Exchange, and Bloomberg L.P.Note: Retail prices are in nominal terms and are not adjusted for inflation. In the final trading day of 2022, the spot price of Brent crude oil, a global benchmark priced in Northwest Europe, closed at $85 per barrel (b), $7 higher than the price on January 3, 2022 ($78/b).

   Crude oil prices increased in first-half 2022 and declined in second

   www.eia.gov/todayinenergy/detail.php?id=55079

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3. www.eia.gov › todayinenergy › detailCrude oil prices increased in first-half 2022 and declined in ...

   www.eia.gov › todayinenergy › detail

   • Cached

   Jan 4, 2023 · The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating with Russia’s full-scale invasion of Ukraine on February 24, contributed to crude oil price increases.

   • Brent

     March 4, 2022 Crude oil prices rise above $100 per barrel...

   • WTI (West Texas Intermediate)

     Crude oil prices increased in first-half 2022 and declined...

4. www.reuters.com › business › energyOil ends year of wild price swings with 2nd straight annual ...

   www.reuters.com › business › energy

   Dec 30, 2022 · NEW YORK, Dec 30 (Reuters) - Oil prices swung wildly in 2022, climbing on tight supplies amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an...

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6. www.cnn.com › 2022/06/03 › energy3 reasons high oil prices are here to stay - CNN

   www.cnn.com › 2022/06/03 › energy

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   Jun 3, 2022 · The price of Brent crude, the global benchmark, shot up past $124 a barrel earlier this week — its highest level since early March — after the European Union announced it would slash 90% of ...

7. www.iea.org › reports › oil-market-report-february-2022Oil Market Report - February 2022 – Analysis - IEA

   www.iea.org › reports › oil-market-report-february-2022

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   Feb 11, 2022 · Benchmark crude oil prices surged by ~$15/bbl in January, breaching the $90/bbl threshold for the first time since 2014. Backwardation on the 12-month strip beginning with the April 2022 contract has hit double digits for both WTI and Brent, reflecting low crude stock levels.

8. www.reuters.com › business › energyExplainer: What happened to the 2022 global oil rally?

   www.reuters.com › business › energy

   Dec 8, 2022 · Dec 8 (Reuters) - Crude oil futures spent much of 2022 surging, as demand for transportation fuels to travel returned while Russia's invasion of Ukraine and production cuts from the world's...

9. theconversation.com › oil-price-shocks-have-a-longOil price shocks have a long history, but today’s situation ...

   theconversation.com › oil-price-shocks-have-a-long

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   Mar 11, 2022 · Published: March 11, 2022 8:21am EST. The world is in the grip of an oil price shock. In just a few months, prices have risen from US$65 a barrel to over $130, causing fuel costs to surge,...

10. www.nytimes.com › 2022/02/02 › businessWhy Are Oil Prices So High and Will They Stay That Way?

    www.nytimes.com › 2022/02/02 › business

    Feb 2, 2022 · Feb. 2, 2022. HOUSTON — Oil prices are increasing, again, casting a shadow over the economy, driving up inflation and eroding consumer confidence. Crude prices rose more than 15 percent...