Oil prices rise slightly, finding some support after heavy losses in the previous two sessions that were driven by fears of a US recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts
Oil prices have risen slightly, finding some support after heavy losses in the previous two sessions that were driven by fears of a US recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts.
Oil prices dropped almost 4 percent on Wednesday, extending sharp losses in the previous session with recession fears overshadowing a bigger-than-expected fall in US crude inventories."Crude prices remain heavy following the plunge below the $80 level as too much demand destruction hit the US economic outlook," said Edward Moya, an analyst at OANDA, adding that the OPEC was right to cut output earlier this month.
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