Oil prices find some support after heavy losses on US recession fears

  27 April 2023    Read: 9072
Oil prices find some support after heavy losses on US recession fears

Oil prices rose slightly on Thursday, finding some support after heavy losses in the previous two sessions that were driven by fears of a U.S. recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts, AzVision.az reports citing Reuters. 

Brent crude was trading at $77.94 a barrel, up 25 cents, or 0.3% as of 0252 GMT. U.S. West Texas Intermediate crude added 12 cents or 0.2% to trade at $74.42.

Oil prices dropped almost 4% on Wednesday, extending sharp losses in the previous session with recession fears overshadowing a bigger-than-expected fall in U.S. crude inventories.

As of Wednesday's close, Brent is down 4.9% for the week while WTI has lost 4.6%.


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