Oil gains over 1% after 2-session decline

05/01/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices edged up today, Jan. 5, after falling nearly 9% over the previous two sessions as demand concerns rattled markets.

 

International benchmark Brent crude rose 1.34% to $78.88 a barrel, at 9:02 am Makkah time. West Texas Intermediate (WTI) crude gained 1.44% to reach $73.89 a barrel.

 

Crude oil remained under pressure over the past two sessions amid concerns about the possibility of a global economic recession, and regarding COVID-19 cases in China.

 

Estimates from the American Petroleum Institute showed crude inventories increased by 3.3 million barrels last week.

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