Oil rebounds as escalating Ukraine conflict raises supply concerns
Oil prices rebounded on Friday as the disruption of Russian oil exports because of western sanctions outweighed the prospect of more Iranian supplies from a possible nuclear deal.
Brent crude futures for May rose to as much as $114.23 a barrel and were at $113.72, up $3.26, or 3 per cent by 0121 GMT. The contract fell 2.2 per cent on Thursday.
US West Texas Intermediate for April rose $4.15, or 3.9 per cent, to $111.82 a barrel after touching a high of $112.84 earlier in the session. The contract fell 2.6 per cent in the previous session.
Global markets sank while oil prices rose on signs of an escalation in the Russia-Ukraine conflict after reports that a Ukrainian nuclear power plant, Europe’s largest, was on fire after an attack by Russian troops.
