Oil price up nearly US$4 as tight supply outweighs recession fears

Brent crude LCOc1 futures were up US$3.96, or 3.9%, at $104.65 a barrel. U.S. WTI crude CLc1 futures climbed $4.20, or 4.3%, to $102.73 a barrel.Trade was volatile. At session lows, prices were down about $2.

NEW YORK: Oil prices settled sharply higher on Thursday, rebounding from steep losses the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession.

Brent crude LCOc1 futures were up US$3.96, or 3.9%, at $104.65 a barrel. U.S. WTI crude CLc1 futures climbed $4.20, or 4.3%, to $102.73 a barrel.