LONDON—Oil rose on Thursday as the prospect of heightened geopolitical risks outweighed recession fears after a flurry of central bank interest rate hikes, including from the Bank of England.
Brent crude futures were up 70 cents, or 0.78 percent, to $90.53 per barrel by 1054 GMT, while U.S. West Texas Intermediate (WTI) crude was up 71 cents, or 86 percent, at $83.65.
Prices rose by more than $1 earlier in the session.
Russia pushed ahead on Thursday with its biggest conscription since World War Two, raising concerns an escalation of the war in Ukraine could further hurt supply.
Keeping a cap on prices, the Bank of England raised its key interest rate by 50 basis points to 2.25 percent and said it would continue to “respond forcefully, as necessary” to inflation, despite the economy entering recession….