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Oil edges higher after three-day slide as volatility continues

Rapid developments around the war in Europe and the ensuing sanctions are driving wild fluctuations in the market, and holdings in oil contracts have slumped due to the volatility.

Photo: Angus Mordant/Reuters/Ritzau Scanpix

Oil rose after a three-day slide as investors weighed the fallout from Russia’s invasion of Ukraine and Covid-19 lockdowns in China following its worst outbreak since the start of the pandemic.

Futures in New York climbed above USD 96 a barrel after slumping 13 percent over the past three sessions. The war has severely disrupted Russian oil flows, and the International Energy Agency predicted output from the key OPEC+ member will drop by about a quarter next month. Libya’s prime minister said the cartel should boost supply faster to help solve the “energy crisis.”

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