Oil prices recorded a jump in the global market, crossing the threshold of $100 a barrel on Thursday, for the first time in 7 years, after Russia announced the launch of a military operation in Ukraine.
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Oil regained some of its more than 2 percent decline in Asian markets on Thursday, weighed by the continuing situation in Ukraine.
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Oil slipped on Thursday as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014, Reuters reported.
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Oil rose to more than $83 a barrel on Tuesday, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery, Reuters reported.
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Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya, Reuters reported.
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Oil prices edged towards $80 per barrel on Wednesday, Reuters reported.
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Crude oil prices held steady at 78.03 on Thursday after rising above $80 a barrel this week.
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