Oil Prices Rally As Traders Focus On Tight Supply Outlook

Crude oil prices resumed their climb on Thursday, reclaiming some of the ground lost over the last month. At 1:30 p.m. ET, the WTI benchmark was trading at $91.09, a 3.38% gain on the day. WTI prices are still down from the $100+ barrel mark seen last month, as recession fears took hold of the market, threatening to subdue crude demand growth. Crude oil prices are still nearly $20 over where they were at the start of the year, and roughly $28 per barrel gain over the last 12 months. While recession fears—and the possible demand destruction…