Rising Crude Inventories Cap Oil Prices

U.S. West Texas Intermediate crude oil futures closed sharply higher on Thursday as traders clawed back most of the previous session’s losses. Despite the strong recovery, the market is still in a position to post a more than 1% loss for the week. On Wednesday, the market plunged on fears that aggressive rates hike by the Fed would drive the economy into recession while putting a dent in fuel demand. Despite this hanging over the market’s head, worries over Russian supply curbs and the potential for an even tighter supply situation…