SULAIMANI (ESTA) — Oil prices rose about $1 in volatile trade on Tuesday as tight global supplies outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China.
U.S. West Texas Intermediate (WTI) crude rose 96 cents, or 0.8% to $121.89 a barrel at 0634 GMT, while Brent crude futures rose $1.05, or 0.9%, to $123.32 a barrel.
On the demand side, China’s latest COVID outbreak traced to a bar in Beijing has raised fears of a new phase of lockdowns just as restrictions in the country were being eased and fuel demand was expected to firm, Reuters said.
Oil has surged in 2022 as Russia’s invasion of Ukraine compounded supply concerns and as oil demand recovered from COVID lockdowns. Brent hit $139, the highest since 2008, in March, and both oil benchmarks rose more than 1% last week, according to Reuters.
(Esta Media Network/Reuters)
