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Oil Update—March 2022

As the war in Ukraine continues to rage and the Joint Comprehensive Plan of Action (JCPOA) negotiations still are unresolved, among other critical factors, oil prices sometimes swing more than ten dollars per barrel on an intraday basis, making it impossible to provide any meaningful oil price range forecast for April. If I were to supply a range, it would be absurdly wide, which would render it useless. My expectation is that oil prices will continue to stay volatile and at elevated levels.

The war in Ukraine is devastating. All wars are horrific, of course. This war is so senseless and vicious, with women, children, the elderly, and medical personnel often being targeted. I am at a loss for words as to how I truly feel.

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