KONTAN.CO.ID - LONDON. Oil prices were stable on Thursday as the market weighed the prospect of tight supply against possible recession in the United States, the world's largest oil consumer. Brent crude edged down 22 cents, or 0.25%, to $87.11 a barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) slipped 20 cents, or 0.24%, to $83.06. Both Brent and WTI had risen 2% on Wednesday to their highest in more than a month as cooling U.S. inflation spurred hopes that the U.S. Federal Reserve will stop raising interest rates.
Oil Stable as Market Weighs Tight Supply Against U.S. Recession Risk
KONTAN.CO.ID - LONDON. Oil prices were stable on Thursday as the market weighed the prospect of tight supply against possible recession in the United States, the world's largest oil consumer. Brent crude edged down 22 cents, or 0.25%, to $87.11 a barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) slipped 20 cents, or 0.24%, to $83.06. Both Brent and WTI had risen 2% on Wednesday to their highest in more than a month as cooling U.S. inflation spurred hopes that the U.S. Federal Reserve will stop raising interest rates.