Oil prices fell in Asia on Thursday, after rising more than $1 in the previous session, as concerns about supply disruptions eased and markets looked for evidence of improving fuel demand.
Browsing: Brent Crude
Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, supported by improved risk appetite among investors, while falling crude inventories and reviving US gasoline demand supported prices.
Brent crude futures for September settlement fell 67 cents, or 0.7 percent, to $102.53 a barrel, down for a fourth day.
Oil prices fell on Thursday for the second consecutive session, as demand concerns overshadowed limited global supplies after US government data showed tepid gasoline consumption during the peak summer driving season.
Brent crude futures for September settlement rose 69 cents, or 0.7 percent, to $101.85 a barrel, after rising 2.1 percent on Friday.
Brent crude recorded Monday a decline of one percent, after rising Friday by about 2.3%.
Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which also weighed on equities, Reuters reported.
Oil prices extended gains on Thursday, supported by strong demand in the United States, while demand in China is expected to rebound with the easing of Covid-19 restrictions in major cities.
Oil prices rose on Thursday, recovering from early losses, on hopes that a planned easing of restrictions in Shanghai would improve fuel demand, while continuing concerns over limited global supplies overshadowed fears of slowing economic growth.
Oil prices witnessed a sharp decline during the trading of the United States market, as futures contracts for Brent crude for May delivery fell by about 13% to $ 110.2 a barrel.
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