Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply later in the year offset concerns that a possible recession in developed economies could undercut demand.
Brent crude futures climbed $1.27, or 1.4 percent, to $94.92 a barrel by 1117 GMT. U.S. crude futures gained 93 cents, or 1.1 percent, to $89.04 a barrel.
Prices rose more than 1 percent during the previous session, although Brent at one point fell to its lowest level since February, as signs of a slowdown mounted in some places.
British consumer price inflation topped 10 percent in July, its highest since February 1982, intensifying a squeeze on households, while in China COVID-19 lockdowns and fuel export controls curbed demand….