Oil Rebounds After Slide, Not Far From Decade Highs
NDTV
Global crude oil prices rebounded early on Friday after sliding during a volatile previous session, having soared to multi-decade highs on Thursday.
Global crude oil prices rebounded early on Friday after sliding during a volatile previous session, having initially soared to multi-decade highs on Thursday as the escalation in the Russia-Ukraine war raised concerns of runaway inflation.
Oil markets were volatile on supply disruptions due to the sanctions on Russia in the previous session, with Russian exports at 4 to 5 million barrels per day more than any other nation other than Saudi Arabia.
The international benchmark for oil - Brent crude futures, rose to within 16 cents of $120 a barrel - highest since 2012, before falling to settle at around $110, on hopes the United States and Iran will agree soon to a nuclear deal that could add output to a badly undersupplied market.
But Brent crude oil futures rebounded to gain over 1.5 per cent to $112 early on Thursday as supply concerns still and on expectations Russia's war in Ukraine could hit the global economy from higher prices to dampened spending and investment.
