Oil prices recovered in Thursday's trading, but they are still unable to erase all the losses incurred this week, which exceeded 9 percent, as fears of lack of demand among major fuel consumers overshadowed the US Federal Reserve's signals of the possibility of halting US interest rate increases.
Prices fell this week amid signs of weak manufacturing growth in China, the world's largest oil importer, and after the United States, the world's largest oil consumer, raised interest rates to their highest levels since 2007, which could limit economic growth in the short term, but The Federal Reserve opened the door to halting the monetary tightening cycle, which began in March 2022 with 10 interest rate increases until its last meeting this May.
However, with some positive growth in the US services sector and expectations that voluntary production cuts by major producers that started this month will limit supply, supporting buying in the market.
Oil is starting to find some support as the market has priced in all the supply and demand news, said Edward Moya, an analyst at Iwanda
