Oil prices rose on Thursday but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh.
Brent futures were up 73 cents, or 1.01%, to $73.06 a barrel by 0957 GMT. U.S. West Texas Intermediate (WTI) crude rose 49 cents, or 0.71%, to $69.09, after falling earlier in the session to $63.64, the lowest since Dec. 2, 2021.
Prices have plunged this week on concerns about the U.S. economy and signs of weak manufacturing growth in the world’s largest oil importer China, sliding further after the U.S. Federal Reserve raised interest rates on Wednesday. That capped near-term economic growth prospects.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.