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Oil Rebounds As Supply Concerns Return

Oil prices recovered some ground on Wednesday after a heavy sell-off in the previous session amid fears of recession.

Benchmark Brent crude futures rose 1.1 percent to $103.91 after having plunged 9.5 percent in the previous session, marking the biggest single-day drop since March.
WTI crude futures were up half a percent at $99.95 after closing below $100 for the first time since late April on Tuesday.

Focus returned to tight supplies after a Russian court ordered the "temporary closure" of the Novorossiysk oil terminal, which is key for exporting Kazakh oil, citing environmental concerns.

Kazakhstan said it was discussing measures to tackle the impact of restrictions on oil exports via the Caspian Pipeline Consortium (CPC), which ships Kazakh crude via Russia to the Black Sea.

Meanwhile, Mohammad Barkindo, Nigerian politician and the secretary general of oil producer group OPEC, has died at the age of 63 late Tuesday, just hours after he stated that the industry faces some problems due to years of under-investment.

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