Oil prices rose slightly today, after heavy losses in the previous two sessions, driven by fears of a US recession and an increase in Russian oil exports, which reduced the impact of OPEC production cuts.

Brent crude was trading at $77.89 a barrel, up 20 cents, or 0.15%, as of 04:52 GMT.

US West Texas Intermediate crude added 12 cents, or 0.2%, to trade at $74.42.

Oil prices fell nearly 4% on Wednesday, extending sharp losses in the previous session, with recession fears overshadowing a larger-than-expected drop in US crude inventories.

OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to its lowest levels in at least 22 years as cheaper Russian oil increased, while China also ramped up purchases of Russia's Urals.

The loading of oil from Russia's western ports in April will be the highest since 2019, above 2.4 million barrels per day, despite Moscow's pledge to cut production./ End

Source: National Iraqi News Agency