Beijing/Singapore: Oil prices reclaimed some ground on Thursday after tumbling to a six-month-low in the previous session, but investors remained concerned about sluggish demand and economic slowdowns in the US and China.
Brent crude futures rose 38 cents, or 0.5 per cent, to $74.68 a barrel by 0409 GMT. US West Texas Intermediate crude futures rose 42 cents, or 0.6 per cent, to $69.80 a barrel.
“Oil markets may have been oversold,” which could mean the recovery is a “short-term rebound,” said Tina Teng, a markets analyst with CMC Markets, in a note.
In the previous session, the market was ‘spooked’ by data showing US output remains near record highs even though inventories fell, analysts at ANZ said in a note.
