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

Oil up $5 as Tight Supply Outweighs Recession Fears

Oil Recession United States Inflation Interest Rates OPEC
A portion of a crude oil battery that makes up a portion of the national crude oil reserve is seen pictured as blue hour begins to take over Tuesday, July 5, 2022 in Midland, Texas. (AP)

Oil prices surged on Thursday, rebounding from steep losses the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession.

Brent crude futures were up $5.39, or 5.4%, at $106.08 a barrel by 12:23 p.m. EDT (1623 GMT). US WTI crude futures climbed $5.61, or 5.7%, to $104.14 a barrel.

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