Global Oil Prices Breach $100 Mark Despite Massive Weekly Decline

A Highly Volatile Energy Market

The global energy market is riding a massive, unpredictable rollercoaster right now. Brent crude futures surged by more than two dollars today, officially smashing past the psychological $100 per barrel mark. U.S. West Texas Intermediate crude also jumped 1.22 percent to hit $91.62 a barrel. Both major benchmark crudes posted aggressive gains for the second consecutive day as renewed fears regarding Middle East supply disruptions spooked energy traders.

Facing a Brutal Weekly Drop

Despite these sudden daily price spikes, the oil market is actually facing a brutal reality check. Brent crude is still headed for a massive 12 percent weekly decline overall following the expiration of the December contract on October 30. WTI is also staring down a brutal 12.1 percent weekly drop. Oil prices completely crashed by eight percent last Wednesday alone, proving that this current market rally sits on incredibly shaky foundations.

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