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Oil prices hold steady as recession worries offset lower U.S. stocks

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Brent crude futures climbed 15 cents, or 0.2%, to $93.80 a barrel by 0347 GMT. US.

Brent crude futures climbed 15 cents, or 0.2%, to $93.80 a barrel by 0347 GMT. U.S. crude futures gained 4 cents, or 0.1%, to $88.15 a barrel.

British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. China's refining output remained lacklustre in July as strict COVID-19 lockdowns and fuel export controls curbed production. U.S. crude stocks fell by 7.1 million barrels in the week to Aug. 12, Energy Information Administration data showed, against expectations for a 275,000-barrel drop, as exports hit 5 million barrels per day , the highest on record.

 

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