Oil prices offset some of its losses

Media IN-12-2018

Oil prices offset some losses on Wednesday as global stock markets showed signs of stability, but crude remained under pressure from supply worries and the global economic slowdown, which has caused severe losses over the last three sessions.
WTI crude futures were up 7 cents, or 0.15 percent, to $ 46.31 a barrel after falling 7.3 percent the previous day in a session that touched the lowest level since August 2017.
Brent crude <LCOc1> rose 0.36 percent, or 20 cents, to $ 56.46 a barrel. Crude fell 5.6 percent on Tuesday, hitting a 14-month low.
Brent is down more than 30 percent from its recent high of $ 86.74 a barrel on October 3, while West Texas Intermediate dropped nearly 40 percent from a multi-year high of $ 76.9 a barrel on Oct. 4.
“We are looking for some solace in the US stock markets at a time when risk sentiment seems to be stabilizing,” said Stephen Ines, director of Asia-Pacific trading in Awanda, said.
“But we are far from any shift towards betting on price rises in investor sentiment.”