Volatile Oil Prices Swing Global Markets

Oil prices were quite volatile over the fortnight as various nations announced plans to release more supply of oil to tame elevated prices

The US frontline equity indices Nasdaq, S&P 500, and Dow Jones index were up by 3 per cent, 1.57 per cent and 0.33 per cent, respectively. Oil prices were volatile as US President Joe Biden announced the release of one million barrels of oil per day for the next 6 months from its strategic reserves in an effort to reduce the oil prices. The United States also announced a new set of sanctions against several Russian entities.