Sharjah24 – Reuters: Oil prices rose on Thursday, recovering from early losses, on hopes that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.
Brent crude futures for July were up $1.32, or 1.2%, at $110.43 a barrel at 0700 GMT, after falling by more than $1 earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures for June rose 62 cents, or 0.6%, to $110.21 a barrel, recovering from an early loss of more than $2. WTI for July was up $1.33, or 1.2%, at $108.26 a barrel.
Front-month prices for both benchmarks fell about 2.5% on Wednesday.
Asian shares on Thursday tracked a steep Wall Street selloff as investors fretted over rising global inflation, China's zero-COVID policy and the Ukraine war.
For an optimal experience, please
