U.S. West Texas Intermediate crude oil futures closed sharply higher on Thursday as traders clawed back most of the previous session’s losses. Despite the strong recovery, the market is still in a position to post a more than 1% loss for the week. On Wednesday, the market plunged on fears that aggressive rates hike by the Fed would drive the economy into recession while putting a dent in fuel demand. Despite this hanging over the market’s head, worries over Russian supply curbs and the potential for an even tighter supply situation…
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