Oil edged higher in choppy trading as investors weighed concerns that a potential global slowdown would hollow out energy demand against signs of still-tight physical markets.
US benchmark West Texas Intermediate crude rose 3.53% to $101.56 a barrel, but is still more than 6% lower this week. Over the past month, escalating fears that a looming recession will erode consumption have driven prices down.
Crude oil futures surged wtih WTI oil futures up 4.23%, Brent crude futures dup 3.73%.
Gauges of real-world crude supply show little to suggest that the oil market is cooling. Nearby WTI contracts have surged relative to later ones, a move that indicates a strong market as traders pay up to secure barrels for immediate delivery. Oil traders inEuropeare fretting about supplies after Russia ordered a halt to a key Kazakh export terminal.