Oil prices eased on Thursday as worries over demand due to a seasonal slowdown during winter and an uncertain economic outlook for China outweighed expectations of tighter supplies from extended production cuts in Saudi Arabia and Russia.
Brent crude futures fell 24 cents to $90.36 a barrel by 0412 GMT, after a nine-session winning streak. U.S. West Texas Intermediate crude (WTI) futures fell 29 cents to $87.25 after a seven-session gain.
Both benchmarks had spiked earlier in the week after Saudi Arabia and Russia, the world’s top two oil exporters, extended voluntary supply cuts to the year-end. These were on top of the April cuts agreed by several OPEC+ producers running to the end of 2024.
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