Crude oil prices recovered Thursday following U.S. recession concerns and from weak economic data in China that concerned investors that global oil demand could remain weak this year.
International benchmark Brent crude was trading at $59.21 per barrel at 0812 GMT to recover from as low as $58.21 a barrel on Wednesday when it posted a 3% loss.
American benchmark West Texas Intermediate tanked to as much as $53.97 a barrel during the previous session to mark a 3.3% loss, but it rose to $55.12 per barrel on Thursday at 0812 GMT.
The yield on the 10-year U.S. Treasury Note declined below the yield on the two-year bond for the first time since 2007 on Wednesday, signaling the risk of a recession in the world's largest economy.
China’s industrial production grew by only 4.8% in July to mark its lowest rate since 2002, worrying investors that the world's second largest economy could see lower demand for oil this year.
Crude oil inventories in the U.S. rose slightly last week against market expectations, however, this rise did little to impact changes in oil prices.
Commercial crude oil inventories in the U.S. increased by 1.6 million barrels, or 0.4%, to 440.5 million barrels for the week ending August 9, according to the Energy Information Administration data released on Wednesday.
The market expectation was a decline of 2.77 million barrels.
By Ovunc Kutlu