Oil gains over 1% after 2-session decline
05/01/2023
Argaam
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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