Oil settles up nearly $4 as tight supply outweighs recession fears

By Laura Sanicola (Reuters) – Oil prices settled sharply higher on Thursday, rebounding from steep losses the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession. Brent crude futures were up $3.96, or 3.9%, at $104.65 a barrel. U.S. WTI crude futures climbed $4.20, or 4.3%, to $102.73 a barrel. Trade was volatile. At session lows, prices were down about $2. Wall Street’s main indexes opened higher, making up for some losses last week tied to recession fears as central banks aggressively hike interest rates to fight infl…

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