Oil edges higher after slumping to lowest since February on demand concerns – The National

Oil edges higher after slumping to lowest since February on demand concerns – The National

Oil prices edged higher on Thursday from their February lows on fears of weak demand as economic growth continues to slow even as the Opec+ group of producers agreed to a much smaller increase in supply from September.

Brent, the global benchmark for two-thirds of the world's oil, was trading 0.24 per cent higher at $97.01 a barrel at 8.07am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was up 0.41 per cent at $91.03 a barrel.

Both benchmarks fell sharply on Wednesday to close at their lowest levels since February. Brent settled 3.7 per cent lower at $96.78 per barrel, while WTI fell almost 4 per cent to $90.66 a barrel.