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

Oil Rises from 3-week Low as Tight Supply Concerns Linger

IEA
A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File Photo

Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, with worries over tight supply still clouding the market outlook.

Brent crude futures climbed $1.48 or 1.5%, to $102.55 a barrel at 0442 GMT, while US West Texas Intermediate (WTI) crude futures rose $1.26, or 1.3%, to $97.49 a barrel, Reuters reported.

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