Singapore September 8 2022: Oil prices rose nearly $1 per barrel on Thursday after dropping through key technical support levels in the previous session, as an energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become.
Brent crude futures rose by 91 cents, or 1%, to $88.91 per barrel by 0331 GMT after closing at their lowest since early February in the previous session. U.S. crude futures were up 95 cents, or 1.2%, at $82.89 per barrel.
Prices drew support from Russian President Vladimir Putin’s threat to halt the country’s oil and gas exports if price caps are imposed by European buyers.
The European Union proposed capping Russian gas prices only hours later, raising the risk of rationing in some of the world’s richest countries this winter if Moscow carries out its threat. Russia’s Gazprom (GAZP.MM) has already halted flows from the Nord Stream 1 pipeline, cutting off a substantial percentage of supply to Europe.
