Oil incurred sharp losses of 4% in Wednesday’s session
Oil prices rose on Thursday, reversing previous losses fueled by fears of a recession in the United States and increased Russian oil exports, which offset the impact of OPEC production cuts.
By 05:34 GMT, Brent crude was trading at $78.01 a barrel, up 32 cents, or 0.41%. US West Texas Intermediate crude also rose 20 cents, or 0.27%, to $74.50 a barrel.
This rise comes after oil prices fell about 4% yesterday, Wednesday, to continue to incur sharp losses from the previous session, after growing fears of a recession in the United States, the largest economy in the world, overshadowed a report showing a decline in US crude stocks more than expected.
New orders for major US-manufactured goods fell more than expected in March and shipments fell, suggesting lower business spending on equipment slowed economic growth in the first quarter.
US Energy Information Administration data showed a decrease in US crude inventories last week by 5.1 million barrels to 460.9 million barrels, far exceeding the average forecast of analysts in a Reuters poll for a decrease of 1.5 million barrels.
OPEC’s share of India’s oil imports fell at the fastest rate in 2022-2023 to its lowest level in at least 22 years as cheaper Russian oil increased, while China also ramps up purchases of Russia’s Urals crude.
Sources said that the loading of oil from Russian western ports in April will be the highest since 2019, as it will exceed 2.4 million barrels per day, despite Moscow’s pledge to reduce production. Moscow has also increased fuel supplies to Turkey, Asia, Africa, the Middle East and Latin America.
2023-04-27 05:57:00
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