Oil prices are mixed on Wednesday amid lingering demand worries due to recession sentiments, Chinese Covid-19 curbs, and strong dollar.
International benchmark Brent crude traded at $94.25 per barrel at 09.17 a.m. local time (0617 GMT) for a 0.04% drop from the closing price of $94.29 a barrel in the previous trading session.
American benchmark West Texas Intermediate (WTI), trading at $89.55 per barrel at the same time, increased 0.22% after the previous session closed at $89.35 a barrel.
Prices are fluctuating due to the strong dollar, recession concerns, tightening Covid-19 curbs due to the increase in cases in China, as investors eye on US inflation data.
The International Monetary Fund (IMF) said in a report on Tuesday that sharp tightening of financial conditions amid high inflation could send the global economy into recession in 2023.
Recession fears have grown in the middle of this year as central banks around the world have strongly shown their resolve to fight record-high inflation, said the IMF's Global Financial Stability Report.
The increase in the dollar index, which measures the value of the US dollar against other currencies, made oil more expensive for buyers using other currencies, putting downward pressure on prices.
The Covid-19 policy of the world's second-largest oil consumer China also continued to fuel demand worries, as major cities including Shanghai and Shenzhen, tightened Covid-19 restrictions. The number of cases in the country reached its highest level since August last week.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr