Crude oil was little changed on Thursday amid strong demand prospects and signs of continued tight supply.
In the Asian session, US WTI crude oil futures traded hovering around $94 per barrel, while Brent traded slightly lower at $88 per barrel.
Good news for the oil market as the major city of Chengdu is expected to end a full Covid-19 lockdown in all districts today, boosting demand prospects in the world's top crude oil importer.
Also supporting oil trade, was when OPEC maintained its forecast for global oil demand growth in 2022 and 2023, saying advanced economies will remain resilient despite problems such as rising inflation.
While on the supply side, TotalEnergies also reduced production at the Port Athur, Texas refinery following the planned closure of two sulfur recovery units.
Meanwhile, the International Energy Agency reported on Wednesday that it expects a large-scale gas-to-oil switch, estimating an average of 700,000 barrels a day from October 2022 to March 2023, double what it was a year ago.
