Oil settles modestly higher in New York as volatility persists

A roller-coaster day for oil prices showed how they’re dictating where financial markets and maybe even the global economy are heading. After spiking toward $US120 a barrel, they settled below $US109 in New York on Thursday (Friday AEDT).

The morning began with the shock of Brent Crude, the international standard, briefly rising above $US119 a barrel, up from roughly $US70 before the war with Iran began.

AP