Oil Prices Fluctuate in the Face of Supply and Demand Concerns

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic, Overlook in Culver City, Calif., on March 10, 2022. Bing Guan/Reuters

LONDON—Oil prices dipped but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.

Brent crude futures were down 63 cents, or 0.6 percent, at $104.69 a barrel by 1129 GMT. U.S. West Texas Intermediate crude lost 49 cents, or 0.5 percent, to $101.53.