Oil rebounds after hitting 2022 lows

Oil rebounds after hitting 2022 lows

Oil prices rebounded in Asian trade on Thursday after slumping to their lowest level this year in the previous session, though concerns of economic slowdowns weakening fuel demand continued to cap gains.

Brent crude futures were up 70 cents or 0.9% at $77.87 per barrel by 0500 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 74 cents or 1.0% to $72.75 per barrel.

Brent had settled on Wednesday below the year's previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude had fallen to a fresh yearly low.

U.S. crude production rose to 12.2 million barrels per day last week, its highest level since August, the Energy Information Administration said on Wednesday.

While U.S. crude stocks fell last week, gasoline and distillate inventories surged, adding to concerns about easing demand.

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