Oil futures climb as supply concerns linger

By Trend

Oil futures extended gains on Thursday morning, after sharply rising in the first portion of the week, as traders weighed additional supply disruptions following reports of storm damage at a major export terminal system on the Black Sea, Trend reports citing Reuters.

Brent futures were up about $1.06, or 0.9%, to $122.66 a barrel and U.S. West Texas Intermediate futures were up about 79 cents, or 0.7%, to $115.68 a barrel at 0051 GMT. U.S. futures opened the session down slightly.

Both contracts have posted steep gains this week, with Brent futures up more than $14 a barrel, or 13%, since Monday and WTI climbing over $10 a barrel, or 10%, over that time period as worries over supply disruptions have intensified.