Oil steadied on Thursday following a rally of nearly 3% in the previous session, as concern over slack demand in China balanced optimism from record U.S. crude exports and sign that recession concerns are abating.
Global investors dumped Chinese assets early this week on fears about growth, with the economy beset by a zero-COVID policy, a property crisis and falling market confidence. China is the world’s biggest energy consumer.
Brent crude rose 23 cents, or 0.2%, to $95.92 a barrel by 0810 GMT. U.S. West Texas Intermediate (WTI) crude fell 17 cents, or 0.2%, to $87.74.
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.