Oil prices hit 4-week low

Oil prices on the European market rose on Thursday for the first time in the last three days, holding above the four-week low, in a remarkable activity for purchases from cheap levels.

Higher prices also support growing fears about supply shortages in the United States, after falling above expectations in U.S. crude stocks and slowing U.S. oil production.

U.S. crude rose 0.6% to $74.80, from the opening level of $74.33, the lowest at $74.28, and Brent crude rose 0.8% to $78.39, from the opening level of $77.77, and the lowest at $77.70.

On Wednesday, U.S. crude lost 3.6% in the second consecutive daily loss, hitting a four-week low of $74.10 per barrel, and Brent crude lost 3.4% and recorded a $77.55 per barrel level as low as 30 March.

Those losses were due to fears of a slowing global economy and its negative impact on fuel demand levels, as well as a rise in Russian oil exports this month.

Global central banks continue to raise interest rates to rein in inflation, escalating fears that those steps will lead to a downturn in economic activity and slow oil demand.