Oil prices rise from bruising losses on signs of US inventory draw

Investing.com-- Oil prices rose in Asian trade on Thursday, recovering some ground after days of bruising losses as industry data showed that U.S.

inventories marked an unexpected draw in the past week. Oil prices were down between 5% and 6.5% over the past week, having clocked steep losses on concerns over weak demand, and as a report suggested Israel’s retaliation against Iran will not be as severe as feared.



Concerns over slow demand were furthered by both the International Energy Agency and the Organization of Petroleum Exporting Countries cutting their forecast for global oil demand growth in the coming years. Both bodies cited weakness in China as their biggest source of concern. We have summarized this news so that you can read it quickly.

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