Key Points
NEW YORK (Reuters) Oil prices gained about 3% on Thursday to settle at their highest since December after U.S. economic data showed faster-than-expected growth in the last quarter and as tensions in the Red Sea kept disrupting global trade...
We are finally seeing energy markets wake up to the distinct possibility that these supply chain disruptions will rumble on for months yet, said Joshua Mahony, chief market analyst at Scope Markets...
A Ukrainian drone attack on an oil refinery in southern Russia overnight also sparked supply worries, said Bob Yawger, director of energy futures at Mizuho...
Data on Thursday showed the U.S. economy grew at a faster pace than expected in the fourth quarter, a positive demand indicator, Yawger said.. Oil prices also drew support from expectation Chinas economy is recovering after the central bank announced a deep cut in bank reserves on Wednesday...
(Additional reporting by Noah Browning and Natalie Grover in London, Yuka Obayashi in Tokyo and Jeslyn Lerh in Singapore; editing by Mark Potter, Jason Neely, Emelia Sithole-Matarise, Barbara Lewis and David Gregorio)..
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