Oil Ends at Near 3-Week High as Market Supply Worries Resume
- All eyes on European Union’s plan to sanction Russian oil
- U.S. will initiate a long-term plan to refill oil reserves
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Oil settled at the highest in nearly three weeks after a volatile session that saw the market eventually pivot back to supply concerns stemming from a European Union proposal to sanction Russian oil.
West Texas Intermediate closed above $108 a barrel on Thursday for the first time since late-March. Earlier, the benchmark had lost as much as 1.3% after gains in the dollar and deep losses in equities markets raised concerns over an economic recession resurfacing. The dollar was higher Thursday after the Fed hiked interest rates by the most since 2000. But the market reverted its attention back to prospects for tighten fundamentals in the short-term.