Oil prices swing after sharp decline on demand concerns and strong dollar – The National

Oil prices swing after sharp decline on demand concerns and strong dollar – The National

Oil prices fluctuated on Thursday after their sharp decline from the previous day due to growing fears of a slump in crude demand, triggered by lockdowns in China to contain rising Covid-19 infections, amid rising interest rates and a strong dollar.

Brent, the benchmark for two thirds of the world's oil, which fell more than 5 per cent on Wednesday, was trading 1.47 per cent higher at $89.29 a barrel at 10.32pm UAE time.

West Texas Intermediate, the gauge that tracks US crude, which slid about 6 per cent on Wednesday, was up 2.21 per cent, at $83.75 a barrel.