Crude oil prices stabilized Above 72 $ Per barrel

brent oil prices

WTI Crude oil stabilized above $72 per barrel on Thursday after falling for four straight sessions, as traders booked some profits on short positions and turned their attention to China’s easing Covid restrictions that could boost demand in the world’s top crude importer.

Investors also continued to assess the implications of the latest sanctions on Russia, including a US-led price cap on Urals and a European Union embargo on seaborne imports of Russian oil.

Still, the US oil benchmark hovered near its lowest levels in almost a year, having lost more than 11% in the past four sessions as the bond market signaled growing risks of a recession, reflecting recent warnings from top US executives who flagged a possible recession next year.

Tightening financial conditions also continued to grip financial markets, with the Federal Reserve expected to continue raising interest rates well into next year to bring down stubbornly high inflation