NNA - Oil prices rose slightly on Thursday, finding some support after heavy losses in the previous two sessions driven by fears of a U.S. recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts.
Brent crude was trading at $78.01 a barrel, up 32 cents, or 0.4% as of 0627 GMT, while U.S. West Texas Intermediate crude added 21 cents or 0.3% to trade at $74.51.
Oil prices dropped almost 4% on Wednesday, extending sharp losses from the previous session with recession fears overshadowing a bigger-than-expected fall in U.S. crude inventories.
As of Wednesday's close, Brent is down 4.9% for the week while WTI has lost 4.6%.
"Crude prices remain heavy following the plunge below the $80 level as too much demand destruction hit the U.S. economic outlook," said Edward Moya, an analyst at OANDA, adding that the OPEC was right to cut output earlier this month.
"Oil is trying to find a floor and the only thing that could provide some support is technical buying," Moya said.--Reuters
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