WASHINGTON (dpa-AFX) - Oil prices rallied on Monday as the focus retuned to tight supplies.
Benchmark Brent crude futures jumped a little over 2 percent to $103.23 a barrel, while WTI crude futures were up 2 percent at $96.44.
Both contracts posted their biggest weekly drops in about a month last week on concerns that a possible U.S. recession and a sharp slowing of China's economic growth on the back of widespread COVID lockdowns will hit oil demand.
Several large Chinese cities including Shanghai are enforcing new COVID-19 testing rules due to new outbreaks of infections. The gaming region of Macau has extended its lockdown.
U.S. President Joe Biden ended his trip to the Middle east without getting assurances from key producer Saudi Arabia to boost oil supply.
Saudi Arabia's foreign minister said that there was no discussion on oil at the U.S.-Arab summit and that OPEC+ would continue to assess market conditions and do what is necessary.
Markets also remain focused on the resumption of Russian gas flows to Europe via the Nord Stream 1 pipeline on July 21, when the current maintenance stoppage is due to end. There are growing fears that the shutdown may be extended because of the war in Ukraine.
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