Oil prices rise on concerns about Russian supply in volatile market

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Oil prices closed nearly 1% higher on Thursday, cutting back on previous gains as the market focused on concerns about Russian crude supplies, a recovery in Chinese demand and the Bank of England, which raised prices. lower-than-expected interest rates.

Brent futures closed up $0.63, or 0.7%, at $90.46 after rising more than $2 earlier in the session.

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U.S. WTI crude closed up $0.55, or 0.7%, at $83.49 after rising more than $3 earlier in the session.

Russia has moved forward with its biggest recruitment since World War II, raising concerns that an escalation of the war in Ukraine could further cripple supplies of the commodity.

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“Putin’s bellicose rhetoric is what is sustaining this market,” said John Kilduff, a partner at Again Capital LLC in New York.

The Organization of the Petroleum Exporting Countries (OPEC) supply restrictions added further support, analysts said.

“OPEC oil exports have stabilized from a sharp rise earlier this month,” said Giovanni Staunovo, commodities analyst at UBS.

(Additional reporting by Rowena Edwards in London and Muyu Xu in Singapore)

Source: CNN Brasil

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