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Oil rebounds as escalating Ukraine conflict raises supply concerns

Oil rebounds as escalating Ukraine conflict raises supply concerns
# 04 March 2022 07:46 (UTC +04:00)

Oil prices rebounded on Friday as the disruption of Russian oil exports because of western sanctions outweighed the prospect of more Iranian supplies from a possible nuclear deal, APA reports quoting Reuters.

Brent crude futures for May rose to as much as $114.23 a barrel and were at $113.72, up $3.26, or 3% by 0121 GMT. The contract fell 2.2% on Thursday.

U.S. West Texas Intermediate for April rose $4.15, or 3.9%, to $111.82 a barrel after touching a high of $112.84 earlier in the session. The contract fell 2.6% in the previous session.

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