[size=36]Oil prices are rising again[/size]
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Oil prices rose in early Asian trading on Thursday, after falling to their lowest level this year as US crude stocks fell, as concerns grew that the economic slowdown would weaken demand for fuel.
Brent crude futures rose 62 cents, or 0.8%, to $77.79 a barrel by 03:25 GMT, while US West Texas Intermediate crude futures rose 69 cents, or 1%, to $72.70 a barrel.
Yesterday, Wednesday, Brent settled below the previous closing low for the year, which it touched on the first day of 2022, while US West Texas Intermediate crude fell to a new annual low.
And the Energy Information Administration said yesterday, Wednesday, that US crude stocks fell last week, while gasoline and distillate stocks rose, which increased concerns about falling demand.
And the data helped the rise in oil prices, which showed that the Japanese economy contracted less than initially expected in the third quarter, and the easing of Covid-19 restrictions in China, among the largest consumers of crude oil in the world, also helped stabilize oil prices.