Oil Price Rises To $107.91 Per Barrel

Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses.

Brent crude LCOc1 futures rose 65 cents, or 0.6%, to $107.90 a barrel

The front-month WTI crude CLc1 futures contract, which expires on Wednesday, rose $1.06, or 1%, to $103.62 while the second-month contract gained 77 cents to $102.82

The two main benchmarks had fallen by 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) cut its global growth forecast by almost a full percentage point, citing the economic impact of Russia’s war in Ukraine and warning that inflation had become a “clear and present danger” for many countries.

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