Oil Steadies After 4-Day Loss; US Inventory Draw Eyed

Reuters

NEW YORK, July 28 (Reuters) - Oil prices steadied on Tuesday, with Brent recovering from near six-month lows and U.S. crude settling more than 1 percent higher as bets for a drop in U.S. stockpiles offset concern over a global oil supply glut and China's stock market meltdown.

Trades also cited short-covering after a four-day selloff that wiped between 6 and 7 percent from crude futures prices.

Some stayed convinced, however, that oil has more to lose, and that a bottom for crude futures was still far off.

"We're getting a bounce of sorts but I'll be selling into any strength I see," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Holllow, New York.

Brent futures settled down 17 cents, or 0.3 percent, at $53.30 a barrel. It had hit $52.28 earlier in the session, its lowest since early February, on concern about the stock market plunge in China, the world's largest energy consumer.

U.S. crude futures settled up 59 cents, or 1.2 percent, at $47.98 a barrel.

Crude futures came off their lows after expectations grew that U.S. crude inventories had fallen last week. Stockpiles had risen to a five-year seasonal average the previous week.


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Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours