Oil prices steadied after trading in and out of the positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of slowing fuel demand in China.
Brent crude futures were down 9 cents at $105.23 a barrel by 1347 GMT while US West Texas Intermediate crude rose 13 cents at $101.15.
Both contracts had gained 30 cents on Wednesday on concerns over tight global oil supplies and another drawdown in US distillate and gasoline stocks. On Thursday the contracts traded in a range of about $3 a barrel.
The US Energy Information Administration said that crude stocks rose by only 692,000 barrels last week, short of expectations, but distillate inventories including diesel and jet fuel fell to their lowest since May 2008.
Russian oil production could fall by as much as 17% in 2022, according to an economy ministry document seen by Reuters, as the country contends with Western sanctions.
Published in The Express Tribune, April 29th, 2022.
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