Oil prices rises after a three-day drop nearly to 9%

Oil prices increased on Thursday. But were unable to recover from a more than 9% drop over the previous three days.

Brent futures were up 50 cents, or 0.7 percent, at $72.83 per barrel as of 06:39 GMT. Brent, on the other hand, has plummeted more than 9% since Friday, falling as low as $71.28 earlier on Thursday.

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As all the negative supply & demands news has already been factored in, Edward Moya, an analysts at OANDA, stated that “oil is starting to find few support.”

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Prices have fallen this week due to worries about the US economy, indications of weak manufacturing development in China, the top oil importer in the world.

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It appears like OPEC+ will be under pressure to finally demonstrate that they can fulfil those production cut limits and maybe be in a position to announce that greater cuts are on the way

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Concerns about Chinese demand are still present in the market, particularly in light of a private sectors survey released on Thursday

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