Today, Wednesday, oil prices resumed their rise After sharp declines in the first two sessions this week,as fears of supply disruptions receded, while a sharp increase in COVID-19 infections in China raised demand concerns.
Brent crude rose 1.4% to $ 101.39 a barrel, while US crude jumped more than 2% to $ 98.71.
Oil prices tumbled more than 6% on Tuesday, to their lowest level in nearly three weeks, and the international benchmark Brent crude contracts ended Monday’s trading session as low as 5.77 dollars, or 5.1%, to record at the settlement of 106.90 dollars a barrel. US West Texas Intermediate crude contracts fell $6.32, or 5.8%, to settle at $103.01 a barrel.
A frenzy of buying pushed the two benchmarks to their highest levels in 14 years after the Russian invasion of Ukraine. Since then, Brent has lost about $40, while US crude has fallen by more than $30.