Here are your FOX Business Flash top headlines for March 15.
Oil prices were bouncing back Wednesday morning, after earlier falling more than $1 a barrel, as Russia’s invasion of Ukraine and ceasefire talks became the latest market triggers.
Benchmark U.S. crude gained 69 cents to hit $97.12 a barrel in electronic trading on the New York Mercantile Exchange.
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A barrel of U.S. crude dropped 6.4% to settle at $96.44 on Tuesday. It had briefly topped $130 last week when worries about disruptions to supplies because of the war in Ukraine were at their height.
Oil storage containers are seen in Los Angeles, California. (REUTERS/Lucy Nicholson/Files)
Brent, the international pricing standard, added 94 cents to reach $100.85 per barrel.
Brent had fallen to $98.86 a barrel on Tuesday.
Prices have been pressured by concerns of slowing China demand, as the second-largest oil consumer imposes stringent measures to contain the spread of COVID-19, according to Reuters.
Preliminary data from the American Petroleum Institute showed that U.S. crude inventories rose by 3.8 million barrels for the prior week.
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Official U.S. government inventory data is due on Wednesday.
The Associated Press contributed to this report.
