Wednesday, February 28, 2024

A sharp rise in oil prices

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Oil prices ended the day on Thursday, recovering from sharp losses in the previous two sessions, with investors returning to focus on supply shortages despite fears of a global slowdown.

Brent crude was up $3.96, or 3.9 percent, at $104.65 a barrel. U.S. crude rose $4.20, or 4.3 percent, to settle at $102.73 a barrel.

Volatility dominated trading in yesterday’s session, during which prices fell to two dollar lows.

Wall Street’s major indexes pared some of last week’s losses linked to recession fears as central banks aggressively raised interest rates to fight inflation.

On the supply side, traders are bracing for disruptions to oil supplies in the Caspian Sea pipeline consortium after a Russian court ordered a 30-day shutdown of operations.

Adding to the pressure on global supplies, Washington on Wednesday tightened sanctions on OPEC member Iran, putting more pressure on Tehran as it seeks to renew the 2015 nuclear deal and unleash its exports.

Oil prices have fallen over the past few weeks as investors worry that a sharp economic slowdown could put pressure on demand for the commodity.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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