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7/7, 3:22 PM (Source: TeleTrader)
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Oil prices rise on supply concerns

Prices of oil futures increased on Thursday, with supply worries seemingly overriding recession fears. As the conflict in Ukraine continues, investors are paying close attention to policies the West has been planning to implement against Russia, which could further affect the supply of crude.

Meanwhile, the United States previously decided to extend its sanctions against Iran, hitting the latter's energy sector further.

West Texas Intermediate (WTI) for settlements in August surged 2.81% at 9:11 am ET, to sell for $101.30 per barrel. At the same time, Brent for September settlements jumped 2.28% to go for $102.90 per barrel.

Baha Breaking News (BBN) / AY