Oil rebounds as new Iran sanctions fuel more supply concerns | Reuters
Oil prices rose on Thursday in topsy-turvy trading after the United States announced new sanctions on Iran, and as energy markets stayed focused on supply concerns that have sent prices soaring this year.
The market slipped earlier as interest rate hikes in the United States, Britain and Switzerland fed worries about global economic growth.
Brent crude futures settled at $119.81, up $1.30, or 1.1%, while West Texas Intermediate (WTI) crude futures ended up $2.27, or 2%, at $117.58.
After the early selloff, buyers jumped back into the market as most forecasters expect supply to remain tight for several months.
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