Crude oil gained after three-day slide as investors weigh tensions between Russia-Ukraine and fresh COVID-19 curbs in China which could substantially cut back demand.
Futures in the New York is trading near $96 per barrel after losing 13% over the past three sessions. The war has disrupted oil flows from Russia severely and the International Energy Agency predicted that the nation’s output would drop by about a quarter next month.
Earlier Libya’s prime minutes said OPEC should boost supply to help solve the “energy crisis”.
The Brent on the other hand is trading near $99 per barrel.
U.K. Prime Minister Boris Johnson said that he remains optimistic that Saudi Arabia may rise output after his meeting with the kingdom’s Crown Prince. However, he noted no guarantees that it would happen.
Russia said a Ukrainian proposal that it would become a neutral country but retain its own armed forces could be viewed as a compromise, offering for some hopes for a cease-fire. A Ukrainian official cautioned that issues remained and said talks hadn’t progressed significantly.
