US oil prices rebound back above $100 after recession fears sent crude to 3-month low
oil pricesrebounded back above $100 Thursday, after hitting a three-month low on Wednesday.
crude, the international benchmark, also jumped roughly 4% Thursday.
After crude hit a three-month low,
Both benchmark crude prices closed Wednesday at their lowest points since April 11 as recession fears weighed on the outlook for demand.
The latest swings in oil prices come amid the prospect of more demand and another risk to supply.
Beijing is weighing a move to fast-track local bond sales in a $220 billion stimulus package to spark growth in its faltering economy. Bloomberg economists forecasted China will miss its annual growth target of 5.5% and instead land at 4.1%.
Russia ordered a block on the Caspian oil pipeline, which could result in 1 million barrels a day missing from Europe's supply.
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