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RIYADH: Oil futures fell as much as 1 percent on Thursday over recession fears as a sharp decline in US retail sales and manufacturing output muddied the outlook for demand. 

Brent crude futures were down 86 cents, or 1.01 percent, to $84.12 a barrel at 10.30 a.m. Saudi time, after losses of around 1 percent on Wednesday.  

US West Texas Intermediate crude futures also declined 91 cents, or 1.14 percent, to $78.57 a barrel. 

Oman LNG signs deals with TotalEnergies, Thailand’s PTT 

Oman LNG has agreed to supply up to 1.6 million metric tons of liquefied natural gas to France’s TotalEnergies and Thai state-owned firm PTT, the Omani state news agency reported on Wednesday. 

TotalEnergies and PTT will each receive 800,000 tons of LNG per year, with the French firm commencing a 10-year deal in 2025 and the Thai company taking supply for nine years beginning in 2026, the news agency said. 

Thailand, a net oil and gas importer, needs to increase imports of LNG to offset a steep production fall at its largest gas field and as sanctions threaten its supplies from Myanmar. 

Spikes in gas prices last year Thailand to search for alternative energy sources, ranging from coal to renewables, an official from the Energy Regulatory Commission said in October. 

Global gas prices rose to record levels in 2022 as Russia’s supply cuts placed enormous strain on the European and global markets. 

Harbor Energy says it will cut jobs due to UK windfall tax 

The British North Sea’s biggest oil and gas producer Harbor Energy told its staff that it plans job cuts due to a windfall tax on the sector imposed last year, a company spokesperson said on Wednesday. 

The jobs would be cut in Aberdeen, Scotland, and the extent of the cuts is yet to be decided, the spokesperson added. 

(With input from Reuters)