Oil Rises 2 Percent on Supply Concerns, Expectations for Fuel Switching

Oil Rises 2 Percent on Supply Concerns, Expectations for Fuel Switching
The crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug.12, 2022. Tatiana Meel/Reuters
Reuters
Updated:

NEW YORK—Oil rose about 2 percent on Wednesday, rebounding from the previous day’s lows, as an international energy watchdog expects an increase in gas-to-oil switching due to high prices this winter, even though the outlook for demand remains gloomy.

Brent crude futures rose by $1.86 a barrel, or 2 percent, to $95.03 by 11:58 a.m. EDT (1558 GMT). U.S. West Texas Intermediate crude gained $2.06, or 2.4 percent, to $89.37.