Oil prices closed almost flat on Tuesday (24), after a volatile session, as concerns over tight supply offset fears of a possible recession and the Covid-19 restrictions in China.
Brent crude rose $0.14 to close at $113.56 a barrel. Crude oil in the United States fell 52 cents to $109.77 a barrel.
Oil has soared this year, with Brent hitting $139 in March, the highest since 2008, after Russia’s invasion of Ukraine exacerbated supply concerns.
Prices fell on Tuesday after US Energy Secretary Jennifer Granholm said US President Joe Biden had not ruled out adopting export restrictions to ease the soaring domestic fuel prices.
“Initially, the assumption is that it will lower the prices of products in the United States,” said Phil Flynn, an analyst at Price Futures Group.
Also weighing on prices were concerns about threats to the global economy, a main theme of this week’s Davos meeting.
Beijing is stepping up quarantine efforts to end its Covid-19 outbreak, while Shanghai’s lockdown is due to lift in just over a week.
Source: CNN Brasil
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