Reuters: Oil steadies in rebound after jitters over economic outlook, U.S. inventories
Oil futures rebounded on Thursday, reversing losses earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session gave way to modest hopes for progress in resolving the U.S.-China trade war.
Brent crude oil futures LCOc1 edged 10 cents higher, or 0.2%, to $57.79 a barrel by 0209 GMT, after tumbling 2% in the previous session, Reuters said.
U.S. West Texas Intermediate (WTI) crude CLc futures were up 23 cents, or 0.4%, to $52.87 a barrel, after sinking by 1.8% on Wednesday.
World equity benchmarks hit their lowest levels in a month on Wednesday as signs of a slowdown in U.S. economic growth and weak earnings in Europe fanned fears the global economy could slip into recession.
Still, Wednesday's slide to near two-month oil price lows proved an attractive enough buying opportunity for some.
Also hurting sentiment in the previous session was U.S. crude inventories rising 3.1 million barrels last week, according to the country's Energy Information Administration, far exceeding analyst expectations for an increase of 1.6 million barrels.
Brent futures are now well below levels seen before the September 14 attacks on Saudi Arabia oil facilities that briefly halved more than half the kingdom's output.