Economic news

Oil goes higher though advances countered by demand outlook

Prices of oil slightly climbed today on the data showing that the last drop to the lowest in 15 months could be weighing on the U.S. production, but growth was limited by the subdued demand prospects.

Photo: Reuters

Brent futures rose to $53.94 per barrel, increasing 12 cents from the previous settlement. U.S. WTI futures inched down to $45.56, down 3 cents.

Demand and crude prices are still kept down by the state of the world economy. This month’s slump in global equities have made up 9.5% up to now, which hadn’t been harder since the time of debt crisis in the single currency bloc seven years ago.

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