Oil rises on tight supplies; trade choppy on demand worries | Reuters
Oil prices rose on Monday in a session of volatile trade as tight global supplies outweighed worries that demand would be pressured by a flare-up in COVID-19 cases in Beijing and more interest rate hikes.
Brent crude rose 26 cents to settle at $122.27 a barrel. U.S. West Texas Intermediate crude rose 26 cents to settle at $120.93 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.
Oil supplies are tight, with OPEC and allies unable to fully deliver on pledged output increases because of a lack of capacity in many producers, sanctions on Russia and unrest in Libya that has slashed output. read more
Oil has surged in 2022 as Russia's February invasion of Ukraine compounded supply concerns and as demand recovered from COVID-19 pandemic-related lockdowns. In March, Brent hit $139, the highest since 2008. Last week, both oil benchmarks rose more than 1%.
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