Oil prices seem to stabilize now after the U.S stock draw but worries over Chinese economy prevails

Energy and Related Services

Supported by the lower U.S stockpiles, oil prices were stabilized on Thursday along with a firm demand outlook. However, the worries over economy of China, continued to weigh. A barrel drop of almost 1.7 million in U.S stockpiles was seen last week which in turn helped temporarily halt a price slide that has seen Brent as well as WTI lose their value by a quarter. project U.S crude was estimated to be trading at 43.33 dollars per barrel whereas Brent futures were higher and estimated to be $49.83 per barrel. Philip Futures who is a broker and is based on Singapore stated". Although we are seeing support, we remain skeptical over how long this support could last. Bearish momentum is still extremely strong”. Read complete story athttp://www.tendersontime.com/blog-detail/oil-prices-seem-stabilize-now-after-us-stock-draw-worries-over-chinese-economy-prevails-1542.php