Oil futures headed higher on Monday, attempting to rebound after fears of a recession led to a dip in prices to their lowest levels since January. Traders have been concerned that aggressive tightening by the Federal Reserve and other central banks will spark a sharp downturn in the global economy, but they’ve also been wary of tight oil supplies.
West Texas Intermediate crude for November delivery
rose 75 cents, or nearly 1%, to $79.49 a barrel on the New York Mercantile Exchange after tapping a low at $77.21. Front-month WTI fell 7.1% last week to end Friday at its lowest level since Jan. 10.
November Brent crude
the global benchmark, was up 77 cents, or 0.9%, at $86.92 a barrel on ICE Futures Europe after falling to as low as $84.51. Front-month Brent dropped 5.7% last week, logging its lowest close since Jan. 14 on Friday. The most actively traded December contract
added 65 cents, or 0.8%, to $85.68 a barrel.
Back on Nymex, October gasoline
rose 1.8%, to $2.4259 a gallon, while October heating oil
shed 1.2%, to $3.1991 a gallon.
October natural gas
dropped 4.1% to $6.547 per million British thermal units.