BMO Capital Markets Characterizes Recent Crude Oil Price Movements as’ Whiplash ‘
Brent crude oil futures fell 13% on Wednesday, the worst loss in two years after surging to levels not seen since 2008, BMO Capital Markets wrote in a Thursday note.
Prices have gone up because Ukrainian President Volodymyr Zelenskyy said he’s ready to “take some actions.” He also said Ukraine won’t “beg” for NATO membership, but it won’t give up any land.
The bank called the price movements a “whiplash.” It said that the headlines, even though the rally is still going strong, give people some reason to be cautiously optimistic.
Other confrontations are also on the horizon, iancluding an “economic war” with the United States, according to BMO Capital Markets.