Brent Crude Oil Back to $104

Brent Crude:  Oil  bounced back to near $104 a barrel on Wednesday, after sinking almost 10% in the previous session, although investors continue to worry over tight supply and lower demand as recession risks linger.

Caspian Pipeline Consortium (CPC), which takes oil from Kazakhstan to the Black Sea via Russia, has been told by a Russian court to suspend activity for 30 days although Reuters reported that exports were still flowing.

At the same time, a strike in the Norwegian oil and gas sector came to an end yesterday, avoiding a 341K loss of barrels of oil by the weekend. Still, supply pressures remain, with OPEC Secretary General Mohammad Barkindo saying Tuesday the oil industry was “under siege” due to years of underinvestment, and adding that shortages could be eased if extra supplies from Iran and Venezuela were allowed