Dubai-Masaader News
Oil prices firmed on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets remain under pressure from rising U.S. supply and a stalling global economy. Reuters reported.
Front-month Brent crude futures were at $60.79 at 0718 GMT. That was 16 cents, or 0.3%, above last session’s close.
U.S. West Texas Intermediate (WTI) crude futures were at $51.84 per barrel, up 16 cents, or 0.3%, above their last settlement.
Brent and WTI on Wednesday hit their lowest levels since mid-January at $59.45 and $50.60 per barrel, respectively, amid a surge in U.S. crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.
Despite Thursday’s gains, oil markets are moving into bear territory as defined by a 20% fall from recent peaks reached in late April.