Oil futures started off with losses on Thursday, as an interest-rate hike in the U.S. fueled worries about economic growth, but prices for the commodity finished higher as traders appeared to again focus on tight oil supplies. Prices had settled higher Monday on worries about a significant slowdown in Libyan oil production. In related news, the U.S. Treasury Department on Thursday said it sanctioned a network of Iranian petrochemical producers as well as “front companies” in China and the United Arab Emirates that support companies which broker the sale of Iranian petrochemicals abroad. West Texas Intermediate crude for July delivery rose $2.27, or 2%, to settle at $117.58 a barrel on the New York Mercantile Exchange after losing 3% on Wednesday.
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