Oil prices rebound after recession fear, Russia exports fuelled earlier losses

Oil prices bounced back slightly on Thursday after falling almost 4% the day before due to fears of a US recession and increased Russian oil exports. Brent crude rose 0.45% to $78.04 a barrel, while West Texas Intermediate added 0.28% to reach $74.51. Prices had been depressed by data indicating depressed business spending during Q1, though Energy Information Administration figures showed US crude inventories fell last week by 5.1 million barrels to 460.9 million barrels – decimating Reuters’ analysts’ average forecast of a 1.5 million reduction. Recession fears have left the market sceptical over OPEC’s recent production cut amid stronger Russian crude exports.