Oil fall on demand fears, supply tightness offers floor | Reuters

Oil fall on demand fears, supply tightness offers floor | Reuters

Oil prices fell on Thursday, pressured by concerns economic weakness in the United States and Europe would cut demand, but prices seesawed as the market also considered tight supply.

Brent crude futures were down 79 cents, or 0.8%, to $95.99 a barrel by 1404 GMT, while West Texas Intermediate (WTI) crude futures fell 43 cents, a 0.4% decline, at $90.23.

Both benchmarks fell on Wednesday to their weakest levels since before Russia's Feb. 24 invasion of UKraine, that Moscow calls "a special operation". And WTI futures touched their lowest on Thursday since mid-February.

The selling followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said. read more

The demand outlook remains clouded by increasing worries about an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world's largest oil importer.