Crude oil futures settled at a 3-week high on Monday as prices rebounded amid concerns about tight supply due to the ongoing Russia-Ukraine war, and on news about the shutdown of Libya's biggest oil field.
West Texas Intermediate Crude oil futures for May ended higher by $1.26 or about 1.2% at $108.21 a barrel, recovering from an early low of $106.00.
Meanwhile, natural gas prices soared about 10%, climbing to an over 13-year high in the process, amid concerns about energy crunch due to the ongoing Russia-Ukraine war, and on forecasts for cooler spring temperatures.
Brent crude futures were up $1.45 or about 1.3% at $113.15 a barrel a little while ago.
Oil prices fell earlier in the day as fears over slowing China demand overshadowed concerns over tight global supply.
Official data showed China's economy slowed sharply in March, with major indicators released earlier today showing slower increases. Retail sales growth turned negative due to the COVID outbreak in many cities.
The data showed retail sales in China declined 3.5% in March from a year ago, marking the first drop since July 2020. Industrial production grew by 5% in March, compared with 7.5% in the first two months of the year. Unemployment in 31 major cities surged to 6% in March, a record high.
Oil prices rebounded on news that demonstrations against Libya's Prime Minister Abdul Hamid Dbeibah shut down Sahara, the biggest oil field in the country. Two Libyan ports were forced to shut down by protesters and output has been halted at the El Feel field.
