Singapore, December 08 (QNA) – Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as US production and gasoline inventories ticked up at the same time concerns grew that economic slowdowns would weaken fuel demand.
Brent crude futures were up 62 cents or 0.8 percent at USD 77.79 per barrel, while US West Texas Intermediate (WTI) crude futures gained 69 cents or 1 percent to USD 72.70 per barrel.
Brent had settled on Wednesday below the year’s previous closing low touched on the first day of 2022, while US West Texas Intermediate crude had fallen to a fresh yearly low.
Energy Information Administration said on Wednesday that the US crude production rose to 12.2 million barrels per day last week – its highest level since August. (QNA)
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