Oil regained strength as tight supply returned to play

International benchmarks for crude oil settled substantially higher on Thursday, 7 July 2022 as tight supply returned to the play and investors took a temporary break from the nagging fears of recession. Over the past week, the crude oil complex has been see-sawing between supply and economic outlook. It is expected that the supply of Russian oil will decline steadily in the remainder of the year due to lacking equipment for maintenance. 

Brent jumped $3.96 or 3.9% to close at $104.65/barrel.

WTI added $4.20 or 4.3% to $102.73/barrel.