Oil prices rose on Thursday, paring earlier losses fueled by U.S. recession fear and increased Russian oil exports dulling the impact of OPEC production cuts.
on Wednesday, extending the previous session's sharp losses, after a report showing U.S. crude inventories fell more than expected was overshadowed by growing recession fear in the world's biggest economy.and shipments declined, indicating that depressed business spending on equipment likely pulled back economic growth in the first quarter.
"Crude oil slumped, as prospects of weaker economic growth offset a bullish inventory report," ANZ Research said in a client note. "The market is also questioning the validity of OPEC's recent production cut amid strong exports of Russian crude." Energy Information Administration data showed U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' average forecast of a 1.5 million drop in a Reuters poll.
OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years as intake of cheaper
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