NEW DELHI: Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as US production and gasoline inventories ticked up at the same time concerns grew that economic slowdowns would weaken fuel demand.
Brent crude futures were up 62 cents or 0.8% at $77.79 per barrel by 0130 GMT, while US West Texas Intermediate (WTI) crude futures gained 69 cents or 1% to $72.70 per barrel.
Brent had settled on Wednesday below the year’s previous closing low touched on the first day of 2022, while US West Texas Intermediate crude had fallen to a fresh yearly low.
