Oil futures climb as supply concerns linger – Reuters.com

Oil futures climb as supply concerns linger – Reuters.com

March 24 - Oil futures extended gains on Thursday morning, after sharply rising in the first portion of the week, as traders weighed additional supply disruptions following reports of storm damage at a major export terminal system on the Black Sea.

Brent futures were up about $1.06, or 0.9%, to $122.66 a barrel and U.S. West Texas Intermediate futures were up about 79 cents, or 0.7%, to $115.68 a barrel at 0051 GMT. U.S. futures opened the session down slightly.

Both contracts have posted steep gains this week, with Brent futures up more than $14 a barrel, or 13%, since Monday and WTI climbing over $10 a barrel, or 10%, over that time period as worries over supply disruptions have intensified along with the impact of Russia's invasion of Ukraine.