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crude oil

Oil Prices Set to End Week Near Multi Month Lows on Recession Fears

crude oil
Oil prices recouped some of this week's losses but were still set to close Friday near their lowest levels since February. ANTARA FOTO/M Risyal Hidayat/rwa.

KONTAN.CO.ID - LONDON. Oil prices recouped some of this week's losses but were still set to close Friday near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.

Brent crude rose US$ 1,35 or 1,4% to US$ 95,47 a barrel by 1420 GMT. US West Texas Intermediate crude was up US$ 1,24 or 1,4% at US$ 89,78.

Both benchmarks hit lows last seen before Russia's Feb. 24 invasion of Ukraine earlier in the session and Brent remains about 13% lower since last Friday's close while WTI is nearly 9% lower.

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