NRGO - Crude oil tops $110 a barrel ahead of key OPEC+ meeting

Oil's price ascent is showing no signs of slowing down ahead of one the most important OPEC+ meetings since the beginning of the pandemic. WTI crude futures (CL1:COM) climbed another 6.6% overnight to top $110 per barrel, and that was despite the U.S. and other members of the IEA agreeing to release 60M barrels from the Strategic Petroleum Reserve and other emergency stocks. The coordinated drawdown would be only the fourth in the agency's history, sending a "unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia's invasion of Ukraine." Morgan Stanley tacks $10 risk premium to price forecast, sees $125 oil in bull case. Analyst commentary: "Although the sanctions are still being crafted to avoid energy price shocks, we believe this aggressive-but-not-maximalist stance may not be sustainable, with disruptions to oil and gas shipments looking increasingly inevitable," Evercore ISI wrote

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Crude oil tops $110 a barrel ahead of key OPEC+ meeting