Oil prices show marginal recovery from 10-month lows

Oil prices rose yesterday, a day after sliding to 10-month lows, but market sentiment remained negative due to ongoing pressure from a persistent supply glut despite OPEC-led efforts to balance the market.

Brent crude futures were up 70c at $45.52 a barrel, after falling as low as $44.53. Brent fell 2.6% the previous session to $44.35, its lowest level since November. US crude futures were up 55c at $43.08 a barrel. On Wednesday, they fell as low as $42.05, their lowest intraday level since August 2016.

“Prices were pushed a bit too low,” said Hans van Cleef, senior energy economist with ABN Amro. “The people who believe in higher prices are stepping in.”