Brent Crude Oil Rebound And Trade Around $89 Per Barrel

brent oil prices

Brent Crude oil : fluctuated around $89 per barrel on Thursday after rising for two straight sessions, as traders weighed persistent concerns over a demand-sapping global economic slowdown against a tightening supply outlook.

The international oil benchmark is set to decline for the fourth straight month and is on track for its first quarterly loss in more than two years as markets were worried that aggressive interest rate hikes could hit the global economy and energy demand, while a relentless dollar rally weighed on commodities further.

Meanwhile, Brent prices gained about 6% in the past two sessions as an escalating energy standoff between the European Union and Russia threatened to disrupt supply further, while weaker crude prices prompted speculations that OPEC+ could announce another production cut at its Oct. 5 meeting.

Official data also showed that US crude inventories unexpectedly dropped last week, the first decline in a month.