Recession fears continue to cap price gains
Oil Prices rose this Wednesday, clawing back some of heavy losses as supply concerns make a comeback and a decision on its tumble down has been made.
This outweighed lingering worries about a potential global recession and theBrent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT.
U.S West Texas Intermediate crude has climbed around 65 centsor 0.65%, to $100.15 a barrel after closing below $100 in the previous session for the first time since late April.
Oil costs have seen a knock from a resurgent dollar, holding a 20-year high against the euro and multi-month peaks against other big currencies.
Equinor qouted,"Adding to the downward pressure on prices, all oil and gas fields that were affected by a strike in Norway's petroleum sector are expected to be back in full operation within a couple of days."
However, the Norway authorities intervened to end the strike.