Oil prices climbed about 7% on Thursday, continuing a series of wild daily swings, as the market rebounded from several days of losses on renewed focus on supply shortages in coming weeks due to sanctions on Russia.
Oil benchmarks in recent weeks have experienced their most volatile period since mid-2020. After sliding as buyers cashed in on the run-up, prices resumed their upward trend on expectations that shortages will soon squeeze the energy market.
Read: Big oil sector players ‘left out’ of key meeting
Benchmark Brent crude futures gained $7.95, or 8.08%, to $105.89 a barrel by 1:00 PM EDT (1700 GMT). US West Texas Intermediate (WTI) crude was up $6.83, or 7.15%, to $101.86 a barrel.
Published in The Express Tribune, March 18th, 2022.
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