Volatility in oil trading is attributed to market expectations for the Organization of Petroleum Exporting Countries and its OPEC+ allies, reports Reuters.

A barrel of European reference oil Brent sells for USD 112.48 Thursday morning against USD 121.88 Wednesday afternoon. US benchmark crude West Texas Intermediate trades at the same times for USD 108.70 against USD 118.01.

Russia's invasion of Ukraine and subsequent sanctions imposed on the war-waging nation have left the market speculating about the replacement source for curbed supply.

OPEC+, of which Russia is a member, has maintained its goal set prior to the invasion of only raising output by 400,000 barrels per day.

United Arab Emirates Minister of Energy Suhail Mohamed Al Mazrouei said Wednesday evening on Twitter that the Gulf state is still "committed to the OPEC+ agreement and its existing monthly production adjustment mechanism." Meanwhile, the Emirati ambassador to the US has said the petrostate will advocate boosting oil production among the cartel's members.

"So to suggest the oil market is confused would be an understatement as we are in an unprecedented situation," says Stephen Innes, managing partner at SPI Asset Management, to the news agency.

Adding further confusion to the situation, numerous commodity analysts are skeptical about whether it's at all possible for OPEC+ to raise oil supply as much as desired due to lacking investment in infrastructure among member states.

At the same time, the US is now working to ease restrictions against Venezuelan oil as well as settle a new nuclear accord with Iran, which in time could send significant volumes of crude to global markets.

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