Oil prices rose on Thursday after the United States announced new sanctions on Iran, and energy markets remained focused on supply concerns that have driven prices higher this year.
The market fell earlier as interest rate hikes in the US, UK and Switzerland fueled concerns about global economic growth.
Brent crude futures closed at $119.81 a barrel, up $1.30, or 1.1%, while U.S. West Texas Intermediate (WTI) crude futures ended up $2. .27, or 2%, at $117.58 a barrel.
After the initial sell-off, buyers returned to the market as most analysts expect supply to remain tight for several months.
“A lot of this is just a supply issue and that needs to be addressed,” said Eli Tesfaye, senior market strategist at RJO Futures. “Right now there is no slowdown in global demand so any sale will be seen as an opportunity and that is really what we saw today.”
Source: CNN Brasil
