Oil Prices Dip on Recession Worries, but Supply Cuts Support

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Picture taken with a drone. Tatiana Meel/Reuters

LONDON—Oil prices dipped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

Brent crude futures were down 76 cents, or 0.8 percent, at $93.81 a barrel at 1044 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 85 cents, or 1 percent, to $88.26.