Oil prices rose slightly on Thursday, finding some support after heavy losses in the previous two sessions driven by fears of a U.S. recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts.
Brent crude was trading at $78.01 a barrel, up 32 cents, or 0.4% as of 0627 GMT, while U.S. West Texas Intermediate crude added 21 cents or 0.3% to trade at $74.51.on Wednesday, extending sharp losses from the previous session with recession fears overshadowing a bigger-than-expected fall in U.S. crude inventories."Crude prices remain heavy following the plunge below the $80 level as too much demand destruction hit the U.S.
"Oil is trying to find a floor and the only thing that could provide some support is technical buying," Moya said.and shipments declined, indicating that depressed business spending on equipment likely pulled back economic growth in the first quarter. OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to its lowest in at least 22 years as its intake of cheaperOil loading from Russia's western ports in April will beReporting by Katya Golubkova; Editing by Christopher CushingSudarshan currently reports on the evolving energy landscape in Asia, as the region tries to strike a balance between ensuring reliable electricity supply and fighting climate change.
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