Oil climbs but takes a breather in tight range

Oil climbs but takes a breather in tight range

Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.

Brent crude futures rose 55 cents, or 0.5%, to $107.35 a barrel at 0117 GMT, recouping losses from the previous session.

U.S. West Texas Intermediate (WTI) crude futures gained 41 cents, or 0.4%, to 102.60 a barrel, adding to a 19 cent gain in the previous session.

Analysts said market volatility is likely to pick up again soon, with the European Union still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation".

"Oil, and energy markets generally, have plenty of big issues in a state of flux to stay quiet for long," said Commonwealth Bank commodities analyst Tobin Gorey.

Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals.

The demand outlook in China continues to weigh on the market, as the world's biggest oil importer slowly eases strict COVID-19 curbs that have hit manufacturing activity and global