Oil mixed as US gasoline demand rebounds but recessionary fears loom | Reuters
Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption.
Brent crude futures rose 28 cents to $106.90 a barrel by 1:17 p.m. EDT (1716 GMT), after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) fell 58 cents to $96.68 a barrel, after rising $2.28 in the previous session.
Prices pared gains mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more
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