Crude oil shows little recovery amidst re-opening of Chinese city

By 12:43 pm (AEST), Brent Crude Oil traded 0.44% up (US$91.93) and WTI traded 0.34% up (US$85.57) from their previous day close, with an outlook of rise in demand as the China ends two-week lock-down in its Chengdu city. With this rise in energy prices, more looms over the economy citing the risk of increase in interest rates by the apex bank. Already, Europe is going through a risk of recession, and many more countries from North and South America are in danger zone to come under recession. Few days back, after a little halt Iraq’s Basrah oil terminal returned to normal levels on its exports helping to maintain the global supplies. There is yet on clarity on resumption of supplies from Iranian and Venezuelan terminals.

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