Crude oil traded steady on Thursday, as investors still assessed the bleak outlook from the International Monetary Fund (IMF) which lowered its global growth forecast and production shortfalls from Libya.
US WTI traded positive at $ 103 a barrel during the Asian session, while Brent traded slightly higher at $ 108 a barrel.
Libya, which is also an OPEC member, said the country had lost more than 550,000 barrels a day of oil production due to restrictions on key fields and export terminals.
The IMF lowered its global growth forecast and said that the Russian -Ukrainian war had created great uncertainty for the world economy.
Meanwhile, the demand outlook in China continues to weigh on the market as the world’s largest oil importer slowly eases Covid-19 restrictions that have hurt global economic activity and supply chains.
The latest data shows U.S. crude oil supplies shrank by about 8 million barrels last week, according to the Energy Information Administration. This is the largest production in holdings since January 2021.
