Oil prices extended gains on Thursday, supported by strong demand in the United States, while demand in China is expected to rebound with the easing of Covid-19 restrictions in major cities.
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Oil prices rose on Thursday, recovering from early losses, on hopes that a planned easing of restrictions in Shanghai would improve fuel demand, while continuing concerns over limited global supplies overshadowed fears of slowing economic growth.
Oil prices fell more than 1 percent on Thursday in a volatile week as economic and recession fears hobbled global financial markets, outweighing supply concerns and geopolitical tensions in Europe.
Oil prices rose, in conjunction with decline in production of Russian oil and gas to its lowest levels in 2020.
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 prices fell, on Thursday, on some profit-taking, but remained supported by a supply shortage as OPEC + producers stuck to moderate increases in production.
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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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