Home Economy Oil whipsaws in volatile session on energy crunch fears

Oil whipsaws in volatile session on energy crunch fears


Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base

  • Energy crunch stokes inflation, economic recovery concerns
  • IMF lowers global growth outlook
  • China rust-belt province warns of shortages in energy crisis

NEW YORK, Oct 12 (Reuters) – Oil prices steadied after whipsawing in a volatile sessionon Tuesday, as traders weighed the effect that higher energy costs could have on the global economic recovery.

Brent crude fell 4 cents to $83.61 a barrel by 10:46 a.m. EDT (1446 GMT). It earlier hit a high of $84.23 a barrel and a low of $82.72 a barrel. On Monday it hit $84.60, its highest since October 2018.

U.S. oil futures rose 28 cents to $80.80 a barrel, after ranging between $81.62 and $79.47.

Authorities from Beijing to Delhi scrambled to fill a yawning power supply gap on Tuesday, triggering global stock and bond market wobbles on worries that rising energy costs will…

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