Oil rises on U.S. crude stocks data, tight supply outlook | Reuters
Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply later in the year offset concerns that a possible recession in developed economies could undercut demand.
Brent crude futures climbed $1.33, or 1.4%, to $94.98 a barrel by 1220 GMT. U.S. crude futures gained 99 cents, or 1.1%, to $89.10 a barrel.
Prices rose more than 1% during the previous session, although Brent at one point fell to its lowest level since February, as signs of a slowdown mounted in some places.
British consumer price inflation topped 10% in July, its highest since February 1982, intensifying a squeeze on households, while in China COVID-19 lockdowns and fuel export controls curbed demand. read more
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