Shanghai: Oil Prices Are Rebounding for Two Key Reasons

Oil prices rebounded early Tuesday as Shanghai eased lockdown restrictions in some areas and OPEC reportedly told the European Union it wouldn’t be possible to replace potential Russian supply loss.

West Texas Intermediate futures (WTI) climbed 3.1% to $97.25 a barrel, while Brent crude futures – the global benchmark – rose 3.4% to $101.83 a barrel.

story by Callum Keown