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Oil prices rose on Tuesday, clawing back more of last week's losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose 81 cents, or 0.7 per cent, to $114.94 a barrel at 0703 GMT, adding to a 0.9 per cent gain on Monday. The benchmark contract fell 7.3 per cent last
Oil prices rose on Tuesday, clawing back more of last week’s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose 81 cents, or 0.7%, to $114.94 a barrel at 0703 GMT, adding to a 0.9% gain on Monday. .
While recession concerns are putting more downward pressure on oil prices, a true recession is not likely to happen until a half year from now, says analyst.
Oil prices rose on Wednesday, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big hike in interest rates by the U.S. Federal Reserve. In a volatile session, Brent crude futures for August were up 46 cents, or 0.4%, at $121.63 a barrel as .