WASHINGTON (dpa-AFX) - Oil prices fell on Thursday as the OPEC+ group decided to stick to its planned output increase.
Growth concerns returned to the fore after a report from payroll processor ADP showed a sharp pullback in U.S. private sector employment in the month of January.
Elsewhere, the Eurozone composite purchasing managers index dropped to 52.3 in January from 53.3 in December, reflecting softer growth among service providers due to constraints resulting from the Covid-19 pandemic, IHS Markit said.
Brent crude futures for April delivery dipped 0.9 percent to $88.64 a barrel while U.S. West Texas Intermediate crude futures for March settlement were down 0.9 percent at $87.48.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East helped to limit the downside to some extent.
Iran is ready to return to the oil market as quickly as possible, its Oil Minister Javad Owji said on Wednesday, but offered few details.
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