Sharjah24 - Reuters: Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook.
Brent crude futures dropped 7 cents, or 0.1%, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 cents at $87.06 a barrel, or 0.2%.
Both OPEC and the U.S. Energy Department have cut their demand outlooks, while a flare-up in COVID-19 cases in China has sparked fresh demand concerns for the world's top crude importing-country.
"This week has placed growth risks back into the spotlight for oil prices, as the initial enthusiasm over OPEC+ production cuts has proved to be short-lived and gains are seen fading off," said Jun Rong Yeap, market strategist at IG.
"While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap added.
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