LONDON (Reuters) – Oil prices were steady on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.
Brent crude futures rose 14 cents, or 0.1%, to $100.83 a barrel by 0900 GMT. WTI crude futures climbed 21 cents, or 0.2%, to $98.74 a barrel.
Prices swung between about $2 in losses and gains of nearly $1 in volatile trade.
“Recession fears continue to grow and that obviously does raise some concerns for the demand outlook,” said Warren Patterson, ING’s head of commodity research.
“However, supportive fundamentals should mean that further downside is relatively limited.”
