Oil gains $1 as emergency oil release seen as band-aid
MELBOURNE (Reuters) – Oil prices clawed back some losses on Thursday after tumbling more than 5% to a three-week low in the previous session after consuming nations announced a huge release of oil from emergency reserves to offset supply lost from Russia.
Brent crude futures climbed $1.32, or 1.3%, to $102.39 a barrel at 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.18, or 1.2%, to $97.41 a barrel.
International Energy Agency member countries agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices in a tight market following Russia’s invasion of Ukraine.
