Oil prices were subjected to choppy trading during Tuesday. Markets remained concerned over potential supply shortages amid OPEC restraint, but there were also important net concerns that the surge in energy prices would damage the global economy.
A firm dollar also hampered crude to some extent.
Overall, WTI retreated to near $80.0 p/b before finding some support.
WTI traded around $80.60 p/b on Wednesday with Brent around $83.40 p/b.
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