Oil price up $5 on tight supply
Brent crude futures were $0.26, or 0.4%, higher at $74.94 a barrel by 1220 GMT. PHOTO: FILE
Oil prices surged on Thursday, rebounding from steep losses in the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession.
Brent crude futures were up $5.39, or 5.4%, at $106.08 a barrel by 1623 GMT. US WTI crude futures climbed $5.61, or 5.7%, to $104.14 a barrel.
Trade was volatile. At session lows, prices were down about $2.
Wall Street’s main indexes opened higher, making up for some losses last week tied to recession fears as central banks aggressively hike interest rates to fight inflation.
Published in The Express Tribune, July 8th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.