Oil prices move higher on tight supplies, firm demand outlook
2022-06-16T05:42:56+00:00
Shafaq News / Oil prices recovered on Thursday from a steep drop in the previous session, supported by tight oil supply and peak summer consumption, after a U.S. rate hike sparked fears of slower economic growth and less fuel demand.
Brent crude futures rose 77 cents, or 0.7%, to $119.28 a barrel by 0400 GMT while U.S. West Texas Intermediate (WTI) crude futures climbed to $116.33 a barrel, up $1.02, or 0.9%.
Prices slipped more than 2% overnight after the Federal Reserve raised interest rate by three-quarters of a percentage point, the biggest hike since 1994.
Investors remained focused on tight supplies and robust demand as Western sanctions restricted access to Russian oil.
(Reuters)
