Oil prices moved slightly lower after recovering from earlier losses, as persistent geopolitical tensions in the Middle East and Russia offset pressure from rising crude output, Reuters reports.
Brent futures were down 37 cents or 0.4 per cent at $92.39 a barrel at 0946 GMT. US West Texas Intermediate crude was down 37 cents or 0.43pc to $86.16; both contracts fell more than $1 per barrel in early Asian trading. They were also headed for a weekly fall.
“Market players are vacillating between tentative truces in Ukraine and the Middle East and the ongoing atrocities against energy infrastructure and ships,” said Tamas Varga, analyst at PVM Associates.
