February 8, 2023

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

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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.

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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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