Oil prices rise by over $5 as tight supply outweighs recession fears
Oil prices surged on Thursday, rebounding from steep losses 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 12:23 p.m. EDT (1623 GMT). U.S. 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.
