Oil Prices steady above $88 a barrel amid business activity drop

Oil prices steadied above $88 a barrel on Wednesday after rallying in the previous session on a surprise fall in U.S. crude stocks and a drop in business activity in the world’s largest oil consumer.

Brent crude futures fell 24 cents, or 0.27%, to $88.18 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures lost 33 cents, or 0.4%, to $83.03 a barrel.

That reversed some of Brent’s roughly 1.6% gain from the previous session, when the market was also buoyed by a weaker U.S. dollar and as investors dialled down concerns over conflict in the Middle East.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

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