Oil fluctuates amid demand concerns and supply squeeze – The National

Oil fluctuates amid demand concerns and supply squeeze – The National

Oil prices fluctuated on Thursday after closing at higher levels the previous day on expectations of higher demand, following a drop in US crude inventories and continued supply constraints because of Russia’s invasion of Ukraine.

Investors are also considering what impact a potential global recession would have on fuel demand.

Brent, the global benchmark for two thirds of the world's oil, was down 0.07 per cent at $93.58 a barrel at 11.47am on Thursday, while West Texas Intermediate, the gauge that tracks US crude, was trading 0.18 per cent lower at $87.95 a barrel.