Oil prices rise as tight supply counters China COVID, recession worries


Source: newsbreak.com newsbreak.com

Key Topics in this News Article:

News Snapshot:

LONDON, June 14 (Reuters) - Oil prices rose on Tuesday as tight global supply outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China. Brent crude futures rose 94 cents, or 0.9%, to $123.21 a barrel at 1029 GMT, while U.S. West Texas Intermediate (WTI) crude rose 79 cents, or 0.7% to $121.72 a barrel. Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports. Other OPEC+ producers are struggling to meet their production quotas and Russia faces bans on...