Brent futures traded near US$102 a barrel. There have been a deluge of bullish headlines recently, with Saudi Arabia suggesting that OPEC+ could intervene if prices drop too far. US inventories fell last week as the country exported its highest-ever volume of crude and refined products with consumers across the globe rushing for supplies.
The higher prices follow a bout of weakness as concerns over the global economy continue to rip through markets. A surge in prices, including for other energy commodities such as natural gas, is threatening to push nations around the world into recessions, which would put a severe dent on demand. Any return of Iranian oil supplies would only exacerbate the situation.
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