WTI crude futures fluctuated around $88 per barrel on Thursday as traders weighed fears of a global economic slowdown and a bullish Russian supply outlook against falling US crude inventories. EIA data showed that US crude stockpiles declined by 7.06 million barrels last week, while exports hit a record high and gasoline demand climbed to the highest this year. Meanwhile, the US oil benchmark remains nearly 5% down this week as recession fears continued to grip commodity markets. On the supply side, Russia has started to gradually increase oil production amid easing sanctions-related curbs and increased purchases from Asian buyers, prompting Moscow to raise its forecast for output and exports until the end of 2025, Reuters reported. Traders also continued to monitor efforts to revive the 2015 nuclear deal which could boost Iranian oil exports by about 2.5 million bpd.
