The cost of a barrel of Brent Crude rose $3.74, or nearly 4% overnight to $100.22 after Saudi Arabia mooted the idea of cuts in production to support profits and reports of US stockpiles falling by more than five million barrels.
The rise gave nervy investors another reason to shun shares ahead of a highly anticipated speech from Federal Reserve chairman Jerome Powell on Friday at the annual Jackson Hole economic gathering.
A fall in the price of oil since it peaked at $125 in June has been one of the few bright spots in an otherwise increasingly gloomy economic outlook over recent weeks.
This story is from the August 24, 2022 edition of Evening Standard.
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This story is from the August 24, 2022 edition of Evening Standard.
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