Crude oil prices climbed higher on Thursday, recovering from recent losses. However, oil’s uptick was just modest due to lingering concerns about the outlook for energy demand amid global economic slowdown.
West Texas Intermediate crude oil futures for December ended higher by $0.41 or about 0.5% at $75.74 a barrel, due largely to some short-covering and bargain hunting after posting sharp losses in the previous two sessions.
Brent crude futures settled at $80.01 a barrel today, gaining $0.47 or about 0.6%.
Oil prices rose today despite new data indicating deflationary pressures in China, the world’s biggest crude oil importer.
Official data showed earlier in the day that China’s consumer price inflation fell 0.2% year-on-year in October while factory-gate prices declined 2.6%, falling for a 13th month in a row and raising concerns over domestic demand.
A report from the American Petroleum Institute earlier in the week showed crude oil stockpiles increased by nearly 12 million barrels in the week ended November 3rd.
Oil inventory data from Energy Information Administration (EIA) will be out only next week, the Agency announced on Tuesday. EIA said the data will be delayed to enable completion of a planned systems upgrade.