New York July 7 2022: Oil prices gained almost 6% on Thursday with a focus on supply concerns outweighing recession fears.
Brent crude futures settled at $106.19 a barrel, rising $5.50, or 5.46%. West Texas Intermediate crude (WTI) settled at $104.30 a barrel, gaining $5.77, or 5.86%.
Oil prices rose steeply on Thursday after sharp losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.
