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Oil prices steadied yesterday on Thursday after rising for two consecutive sessions as the impact of heightened supply-related risks in the Middle East limited the impact of demand concerns that had caused oil prices to fall to their lowest level since early 2024 at the start of the week.
Brent crude futures fell 4 cents to $78.29 a barrel, while U.S. West Texas Intermediate crude fell 10 cents, or 0.1%, to $75.33 a barrel.
Brent crude rose 2.4% and WTI gained 2.8% on Wednesday, their second straight session of gains after sharp falls on Monday saw both Brent and WTI hit their lowest levels since early January and early February, respectively.
On Wednesday, U.S. crude inventories fell for a sixth straight week by about 3.7 million barrels, more than analysts expected by 700,000 barrels, boosting prices.
“Crude oil futures were volatile amid rising economic concerns and geopolitical tensions,” said Mazen Salhab, market expert at BD Suisse. Weak U.S. economic data, including weak job growth, raised concerns that the country could be in a recession.
He added: “Despite these economic concerns, oil prices are likely to find support amid tensions in the Middle East.”
Libya’s National Oil Corporation declared force majeure at the Sharara oil field and said it had gradually reduced production there due to the protests.
Citigroup analysts expect Brent crude prices to rebound to $80 to $85 a barrel.
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