Reuters :
Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
Brent crude futures climbed 15 cents, or 0.2 per cent, to $93.80 a barrel by 0347 GMT. US crude futures gained 4 cents, or 0.1 per cent, to $88.15 a barrel.
Prices rose more than 1 per cent during the previous session, although Brent at one point fell to its lowest since February.
Futures have fallen over the past few months, as investors have pored over economic data that has spurred concerns about a potential recession that could hurt energy demand.
British consumer price inflation jumped to 10.1 per cent in July, its highest since February 1982, intensifying a squeeze on households.
The oil market remains in a multi-year tightening cycle, RBC Capital’s Mike Tran said, adding that investors are in search of near-term upside catalysts.
“The recession fears are well acknowledged, but the bullish catalysts such as the return of China or supply degradation from Russia remain elusive,” he added.
China’s refining output remained lacklustre in July as strict COVID-19 lockdowns and fuel export controls curbed production.
In supply, Russia has started to gradually increase oil production after sanctions-related curbs and as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025, an economy ministry document reviewed by Reuters showed. read more
Russia’s earnings from energy exports are expected to rise 38 per cent this year partly due to higher oil export volumes, according to the document, in a sign that supply from the country has not been affected as much as markets originally had expected.
