Oil prices rose on Thursday, paring earlier losses that were fuelled by U.S. recession fear and increased Russian oil exports dulling the impact of OPEC production cuts.
Brent crude was trading at $78.04 a barrel, up 35 cents, or 0.45%, at 0039 GMT. U.S. West Texas Intermediate crude was at $74.51 a barrel, adding 21 cents, or 0.28%.
The uptick comes after oil prices dropped by almost 4% on Wednesday, extending the previous session’s sharp losses, after a report showing U.S. crude inventories fell more than expected was overshadowed by growing recession fear in the world’s biggest economy.
