Oil prices have steadied at a somewhat stable level after sharp surges and drops alike, writes Reuters.

An uncertain oil market is giving off mixed signals sending prices in both directions. This morning, however, the prices have moved in a more steady direction. Nevertheless, what came before amounted to the biggest weekly dive in oil prices since November, owing to steep surges following the Russian invasion of Ukraine.

A barrel of European reference crude Brent sells for USD 109.46 Friday morning against USD 113.00 Wednesday afternoon. Meanwhile, US benchmark crude West Texas Intermediate trades concurrently for USD 106.47 against USD 109.88 Thursday afternoon.

Stability isn’t something that the oil market should get used to any time soon. Uncertainty looms on account of potential additional sanctions imposed against Russian oil and gas, which would make oil prices skyrocket. On the other hand, the US is working together with Iran, Venezuela and the United Arab Emirates to boost supply in the oil market, writes Reuters.

According to analyst at OANDA Jeffrey Halley, any good news in this regard could send oil prices below USD 100 per barrel, while bads news could send prices surging past USD 115 per barrel.

However, Commonwealth Bank analyst Vivek Dhar doubts that the supply problems can be solved by the Organization of the Petroleum Exporting Countries and allies in OPEC+, of which Russia is a member.

”They’re really tied politically by the structure,” he tells Reuters.

Elsewhere in the commodities market, a troy ounce of gold costs USD 1,986.28 Friday morning against USD 1,995.74 Thursday afternoon.