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Oil rises in a narrow range on worrying expectations for global growth
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Economy News _ Baghdad
Oil prices traded higher, but in a narrow range, today, Thursday, after they were shaken earlier in the week by supply losses from Libya and worrying expectations of demand, as the International Monetary Fund cut its global growth forecast.
Brent crude futures rose 97 cents, or 0.91 percent, to $ 107.77 a barrel at 01:17 GMT, offsetting losses in the previous session.
US West Texas Intermediate crude futures rose 19 cents, or 0.19 percent, to 102.75 a barrel, extending its 19 percent gain in the previous session.
Libya, a member of the Organization of the Petroleum Exporting Countries, said on Wednesday that the country was losing more than 550,000 barrels per day of oil production due to shutdowns in major fields and export ports.
The outlook for demand in China continues to weigh on the market, as the world's largest oil importer slowly relaxes strict COVID-19 restrictions that have hit manufacturing activity and global supply chains.
The International Monetary Fund highlighted the risks in China when it cut its forecast for global economic growth by a full percentage point on Tuesday.
However, the oil market remains tight as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, struggle to meet their production targets with US crude stocks falling sharply in the week ending April 15.
Analysts said market volatility is likely to rebound again soon, as the European Union is still considering a Russian oil embargo for an invasion of Ukraine.
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