Oil Prices Rally As Traders Focus On Tight Supply Outlook ...Middle East

Crude oil prices resumed their climb on Thursday, reclaiming some of the ground lost over the last month. At 1:30 p.m. ET, the WTI benchmark was trading at $91.09, a 3.38% gain on the day. WTI prices are still down from the $100+ barrel mark seen last month, as recession fears took hold of the market, threatening to subdue crude demand growth. Crude oil prices are still nearly $20 over where they were at the start of the year, and roughly $28 per barrel gain over the last 12 months. While recession fears—and the possible demand destruction…

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