Browsing: WTI

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.

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 slipped on Thursday as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014, Reuters reported.
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