Oil surges 8% amid warnings of Russian supply shortages | Reuters
Oil prices climbed 8% on Thursday, extending a series of wild daily swings, as the market rebounded from several days of losses with a renewed focus on supply shortages in coming weeks due to sanctions on Russia.
Oil benchmarks in recent weeks have undergone their most volatile period since mid-2020. After sliding as buyers cashed in on the run-up, prices resurged on expectations that shortages will soon squeeze the energy market.
Benchmark Brent crude futures added $8.62, or 8.79%, at $106.64 a barrel, its largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude rose $7.94, or 8.35%, to $102.98 a barrel.
In the last eight trading sessions, Brent oil per barrel has traded as high as $139 and as low as $98 - a more than $40 spread. That has pushed many investors to exit, creating conditions for more wild price swings in the weeks ahead, traders, bankers and analysts said. read more
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