Oil was little changed on Wednesday after falling for three days as concerns about slowing European demand offset worries of Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza.
Brent crude futures edged higher by 6 cents to $88.13 a barrel as of 0345 GMT, while U.S. West Texas Intermediate crude futures were up 1 cent to $83.75 a barrel.
Euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, creating a drag on the outlook for oil demand. Overall, the region’s oil refineries have been consuming less crude than a year ago amid lacklustre economic growth, Euroilstock data has shown.
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