Oil prices fluctuated wildly in 2022, rising on limited supply due to the conflict in Ukraine, then sliding on weaker demand from top importer China and the concern about a slowing economy. However, oil prices ended the year 2022 with a second consecutive yearly increase.

The Russian invasion of Ukraine disrupted global crude flows in March, causing prices to soar. International benchmark Brent reached USD 139.13 per barrel, the highest level since 2008. The second half saw a sharp decline in prices as central banks raised interest rates and stoked recessionary fears.

Published by International Finance.