Oil Prices Reverse Losses And Rises To Over $105 A Barrel
NDTV
Oil prices reverse early losses and rise to over $105 a barrel as supply concerns continue from the Ukraine war and the lack of clarity on Iran oil.
Oil prices reverse early losses and rise to over $105 a barrel on Monday in volatile trade as supply concerns continue from the Ukraine war and the lack of clarity on Iran oil, despite an expected supply boost from the release of strategic reserves by the US and the International Energy Agency (IEA).
Crude oil prices had extended their losses early on Monday, after the biggest weekly fall in two years last week on supply hopes.
Reflecting the wild gyrations in commodities' prices since Russia invaded Ukraine, the benchmark Brent crude rose sharply by over 1 per cent to over $105 per barrel.
Crude prices recouped the loss of about $1 in early trade driven by a truce between the United Arab Emirates and the Iran-aligned Houthi group that would halt military operations on the border, alleviating some concerns about potential supply issues.