Oil Rebounds As Market Fears Russian Supply Shock

Oil prices jumped by 7% early on Thursday, after the International Energy Agency (IEA) warned on Wednesday that the market could lose 3 million barrels per day (bpd) of Russian oil supply starting next month. As of 10:00 a.m. ET on Thursday, WTI Crude was up above $100 per barrel again, following three consecutive days of sell-offs amid a pullback of speculators from volatile futures and concerns about Chinese oil demand after China returned to lock down large cities after a spike in COVID cases. WTI Crude was trading up by 7.42% to $102.1, and…