Brent holds above $100 in tussle between supply, recession fears | Reuters
Oil prices rose on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.
Brent crude futures rose 61 cents, or 0.6%, to $101.30 a barrel by 1121 GMT. WTI crude futures climbed 65 cents, or 0.7%, to $99.18 a barrel.
Trade was volatile, with prices at one stage showing losses of about $2 but then gaining nearly $1.
"With Russian oil supplies set to drop as the year progresses and it runs out of Western parts to maintain fields, and with the rest of OPEC hopelessly uninvested in maintaining production capacity, I fear the days of $100 oil will be with us for some time yet," said Jeffrey Halley, a senior market analyst at OANDA.
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