Brent crude futures climbed to $93.75 a barrel and US crude futures gained to $88.21 a barrel — however the commodity reached its lowest level since February
Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the US, rising output from Russia and worries about a potential global recession.
Futures have fallen over the past few months, as investors have pored over economic data that has spurred concerns about a potential recession that could hurt energy demand. “The recession fears are well acknowledged, but the bullish catalysts such as the return of China or supply degradation from Russia remain elusive,” he added.
Russia’s earnings from energy exports are expected to rise 38% this year partly due to higher oil export volumes, according to the document, in a sign that supply from the country has not been affected as much as markets originally had expected.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil fall to six-month low on recession fearsBrent crude was down 44c at $91.90 a barrel by while US West Texas Intermediate crude dipped 9c
Read more »
Oil recovers from six-month lows on drop in US stocksBrent crude futures rose to $92.90 a barrel, while West Texas Intermediate crude futures climbed to $87.15 a barrel
Read more »
Business Maverick: Stocks drop, treasuries climb as sentiment sours: markets wrapAsian stocks fell and Treasuries rose after Federal Reserve minutes showed officials face a delicate balancing act to quell inflation while averting recession and as investors weighed a dim Chinese economic outlook.
Read more »
Oil fall to six-month low on recession fearsBrent crude was down 44c at $91.90 a barrel by while US West Texas Intermediate crude dipped 9c
Read more »
Oil extends losses as weak China data renew recession fearsCommodity prices under pressure as weak demand outlook lingers
Read more »
Global equities inch higher on US retailers’ strong resultsUK inflation data and New Zealand rate hike remind investors that global economy still faces many challenges
Read more »