Oil prices rose on Thursday, reversing earlier losses, as supply concerns and geopolitical tension in Europe got the upper hand over the economic fears dogging financial markets as inflation soars.
Brent crude rose 46 cents, or 0.4%, to $107.97 a barrel by 1644 GMT. WTI crude rose $1.14, or 1.1 %, to $106.85. “The trading has been thin and nobody knows what’s going to move the needle,” said John Kilduff, partner at Agan Capital LLC in Galena, Illinois.
A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies. The EU is still haggling over details of the Russian embargo, which needs unanimous support. However, a vote has been delayed as Hungary opposes the ban because it would be too disruptive to its economy.
Published in The Express Tribune, May 13th, 2022.
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