Oil prices swing after slumping on demand concerns and recession fears – The National

Oil prices swing after slumping on demand concerns and recession fears – The National

Oil prices edged higher on Wednesday after plummeting overnight due to demand concerns and fears of a global recession as the International Monetary Fund downgraded the growth rate of the world's largest economy.

Brent, the benchmark for two thirds of the world's oil, fell about 7 per cent to below $100 a barrel but rebounded on Wednesday and was 0.81 per cent higher at $100.3 a barrel at 11.25am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.74 per cent at $96.55 a barrel after plummeting 8 per cent.

Crude prices slumped as Opec said in its monthly outlook report it expects oil demand to exceed supply by about 1 million barrels a day in 2023.