Brent crude rebounds to $99.59, West Texas Intermediate edges up
Oil prices are on the rise after a wild week, Brent crude just climbed back up to $99.59 per barrel, recovering from losses of more than 8% that sent prices to their lowest closing levels since August 31.
West Texas Intermediate (WTI) also took a hit but is starting to bounce back.
Global disruptions cut refinery inputs 4.8mbpd
A mix of global issues is shaking up oil markets. Disruptions in key shipping routes like the Strait of Hormuz and ongoing conflicts in the Middle East have cut global refinery inputs by 4.8 million barrels per day, or 6%, in April-June compared with the preceding quarter, especially in Asia and the Middle East.
The Russia-Ukraine war has made things worse by reducing Russian oil supplies and sending diesel prices soaring.
Even though refineries are starting to recover, global output is still 5% below last year's levels, so for now, expect some continued price swings as these problems play out.