Home Economy Oil whipsaws in volatile session on energy crunch fears

Oil whipsaws in volatile session on energy crunch fears

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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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