Oil prices increase for 2 years in a row

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Oil prices spiked in March 2022 as the Russia-Ukraine conflict reduced global crude supplies, with the Brent contract hitting $139.13 a barrel, the highest since 2008.

Oil prices briefly cooled in the second half of the year as central banks raised interest rates and fears of a recession.

In 2022, Brent is up 10% after gaining 50% in 2021. WTI is up nearly 7% in 2022, after breaking 55% the previous year.

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