Economy

Oil prices recover after hitting six-month lows

Economic data showing slowdown and recession expectations limits oil price rises

Zeynep Beyza Kilic   | 05.08.2022
Oil prices recover after hitting six-month lows

ANKARA 

Oil prices rebounded on Friday after hitting six-month lows amid supply shortage concerns and slower demand.

International benchmark Brent crude was trading at $94.75 per barrel at 09.50 a.m. local time (0650 GMT) for a 0.66% rise after the previous session closed at $94.12 a barrel.

American benchmark West Texas Intermediate (WTI) was at $89.29 per barrel at the same time for a 0.84% increase after the previous session closed at $88.54 a barrel.

Brent crude hit the lowest levels of the last months at $93.20 on Thursday evening due to concerns that weak economic data released in the US and Europe would adversely affect demand outlook in international markets.

Current economic data showing an economic slowdown and the prospect of a recession limits the rise in oil prices.

Supply concerns are set to escalate ahead of the winter months, as the EU's sanctions banning the importation of Russian crude oil and petroleum products by sea comes into effect on Dec. 5.

Meanwhile, investors are focused on US employment numbers to be released later on Friday, which will give an insight into the economic state of the economy.

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