LONDON—Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5 percent, at $94.41 a barrel by 0816 GMT. U.S. West Texas Intermediate crude was at $88.58 a barrel, down 43 cents, or 0.5 percent.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7 percent and posting their largest weekly drop since April 2020, while WTI lost 9.7 percent, as concerns about a recession hitting oil demand weighed on prices.
“Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated,” PVM analyst Stephen Brennock said….