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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Prices Move Higher on Tight Supplies, Firm Demand Outlook

Oil United States US Federal Reserve Economic Growth
Oil drills are pictured in the Kern River oil field in Bakersfield, California November 9, 2014. REUTERS/Jonathan Alcorn/File Photo

Oil prices recovered on Thursday from a steep drop in the previous session, supported by tight oil supply and peak summer consumption, after a US rate hike sparked fears of slower economic growth and less fuel demand.

Brent crude futures rose 77 cents, or 0.7%, to $119.28 a barrel by 0400 GMT while US West Texas Intermediate (WTI) crude futures climbed to $116.33 a barrel, up $1.02, or 0.9%, Reuters reported.

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