Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom | Reuters

Oil mixed as U.S. 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 U.S. crude inventories and a rebound in gasoline consumption.

Brent crude futures rose 52 cents to settle at $107.14 a barrel, after gaining $2.22 on Wednesday.

U.S. West Texas Intermediate crude (WTI) fell 84 cents to settle at $96.42 a barrel, after rising $2.28 in the previous session.

Prices pared gains in 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