Dubai: «The Gulf»
Oil prices stabilized during trading Wednesday, following disappointing economic data from China, the largest buyer of crude, renewed fears of a global recession.
Brent crude futures settled at $92.35 a barrel, following recording earlier on Tuesday a high of $95.95.
And US crude contracts rose to 86.76 dollars a barrel, following jumping earlier on Tuesday to 90.65 dollars.
Oil prices fell regarding 3% on Tuesday to their lowest level since before the Russia-Ukraine war, while economic data raised fears of a possible global recession, while the market awaited clarification on talks to revive an agreement that might allow more crude exports from Iran.
The global benchmark Brent crude contracts, to the nearest maturity, ended Tuesday’s trading session, as low as $2.76, or 2.9%, to record at a settlement of $92.34 a barrel. During the session, the contract recorded a lower level at $91.71 a barrel, the lowest since February 18.
US West Texas Intermediate crude contracts closed as low as $2.88, or 3.2%, at $86.53 a barrel, following tumbling during the session to $85.73 a barrel, the lowest since January 26.
The two benchmark contracts had fallen by regarding 3% in the previous session.
