Oil Prices Recover, Supported By Global Supply Worries – 18 May, 2022

Oil prices recovered slightly on Thursday as as lingering fears over tight global supplies outweighed fears over slower economic growth as highlighted by slumping global shares. Brent crude futures for July were up 0.9% or 97 cents to $110.08 per barrel after falling over $1 earlier in the session. U.S. West Texas Intermediate crude futures for June were up 0.4% or 42 cents to $110.01 per barrel, recovering from an early loss of more than $2. WTI for July was up 56 cents, or 0.5%, at $107.60 a barrel. Both benchmark prices fell about 2.5% on Wednesday.