Oil futures give up early losses to finish higher on tight supplies

Oil futures finished higher on Monday after touching their lowest levels in nearly a week on concerns that renewed lockdowns in China would lead to lower energy demand. “Risk appetite is quickly leaving Wall Street and one of the few trades that is still looking attractive is oil,” said Edward Moya, senior analyst at OANDA. “You can tell the oil market is very tight as even headlines of a deteriorating COVID outlook in China is not sending crude prices sharply lower,” he said. Libya’s oil production has also been nearly halted amid political protests, with output down by more than one million barrels per day, Bloomberg reported Monday. West Texas Intermediate crude for July delivery edged up by 26 cents, or 0.2%, to settle at $120.93 a barrel on the New York Mercantile Exchange after touching an intraday low of $117.47, the lowest since June 7, FactSet data show.

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