Oil prices rose but failed to recoup this week’s more than 8% drop as fears about demand in major consuming nations rose again.
Brent futures rose 73 cents, or 1.01%, to $73.07 a barrel. US WTI crude oil rose 49 cents, or 0.72%, to $69.09, after falling to $63,642 earlier in the session.
Prices fell this week on risks to the US economy and signs of slower output growth in top oil importer China. This limited the new prospects for economic progress.
The market got some support from the Fed’s signal that it might delay raising interest rates to give officials time to assess the effects of recent bank volatility.
Russia cuts production as OPEC begins voluntary cuts
OPEC and its allies began voluntary production cuts earlier this month.
Russia’s deputy prime minister said the country is keeping its promise to cut oil production by 500,000 barrels by the end of this year.
Investors are also waiting for news from the EU Central Bank, which is willing to raise interest rates.
British oil giant Shell posted better-than-expected first-quarter earnings.
Shell reported adjusted revenue of $9.62 billion for the first months of the year, beating analyst expectations of $8.62 billion.
The company posted adjusted revenue of $9.12 billion in the same period last year.
Shares of the big oil company rose 2.25% at mid-morning.
Shell kept its share buyback program stable for three months and its dividend unchanged at $0.2876 per share.
Shell said its quarterly results reflected better operating performance. In addition, the positive effects of fuel marketing and optimization offset the effect of low oil and gas prices.
The company reported first-quarter debt of $44.22 billion.