Volatility returned to oil markets this week as prices fell on a rollercoaster ride and then rallied back past the $100 level.
West Texas Intermediate on the New York Mercantile Exchange sank $10 in the first two trading sessions of the week – $6.68 on Monday and another $3.33 on Tuesday, sending prices below $100 a barrel. Prices then regained their footing, climbing $5.95 on Wednesday. WTI rose $4.36 or 4.1% on Friday to close the week at $110.49, down from $103.09 at Monday’s close and $109.77 at last Friday’s close. The list price ended the week at $106.97, according to Plains All-American.