Crude oil prices rallied Thursday morning, as European and Asian stocks recovered from brutal losses earlier in the week.
Markets appear to have calmed for now despite concerns that China’s economy has hit a real rough patch.
Crude oil dropped sharply along with other commodities, but has steadied over the past two sessions.
U.S. crude oil for October was up $1.29 at $39.91 a barrel, moving away from Monday’s 6-year low of $37.75.
U.S. crude inventories unexpectedly fell by 5.5 million barrels in the week ended Aug. 21.
The material has been provided by InstaForex Company – www.instaforex.com