Brent Inches Towards $109/B After Steep Fall, Economic Woes Remain

Published on Friday, 05 Oct 11:29 am

Brent futures edged up towards $109/B on Thursday, supported by bargain buying after a steep fall in the previous session, as investors await further cues from a European Central Bank policy meeting and critical US jobs data. Fears of a delayed recovery in China and a recession in the euro zone stoked concerns about weak oil demand on Wednesday , pulling down Brent futures by 3 % and US crude 4% . Oil markets also appeared to win some stability on Thursday from equity markets where Japanese markets have inched up and the broader market indicator held steady. (Reuters) Front-month Brent futures added 38 cents to $108.55/B, but were still well below Tuesday’s levels above $111/B. Brent fell to $107.67/B on Wednesday, while NYMEX crude for November delivery rose 17 cents to $88.31/B on Wednesday.

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