Oil prices hold steady as recession worries offset lower U.S. stocks
Shafaq News / Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
Brent crude futures climbed 10 cents, or 0.1%, to $93.75 a barrel by 0347 GMT. U.S. crude futures gained 10 cents, or 0.1%, to $88.21 a barrel.
Prices rose more than 1% during the previous session, although Brent touched its lowest level since February.
Futures have fallen over the past few months, as investors have pored over economic data that has spurred concerns about a potential recession that could hurt energy demand.
British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households.
The oil market remains in a multi-year tightening cycle, RBC Capital's Mike Tran said, adding that investors are in search of near-term upside catalysts.