February 8, 2023

Oil prices rose significantly during morning trading today, Thursday, compared with prices recorded in the previous period.


The recovery came after two days of sharp declines as investors worried about a possible global recession and near-term economic performance of the world’s two largest oil consumers, the US and China, appeared weak.

Brent crude futures rose 59 cents to $78.43 a barrel, while West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel.


Brent and U.S. oil prices fell more than nine percent in the previous two sessions, the biggest two-day drop at the start of the year since January 1991, according to Refinitiv Eikon data.


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