Crude oil prices rallied Thursday morning along with Chinese stocks on hopes that concerns about the global economy are overblown.
Even if Greece exits the euro zone, the relatively robust U.S. economy should continue to grow through the year, bolstered by easy money from the Federal Reserve.
Minutes from the Fed’s most recent meeting shows policy makers in no hurry to raise interest rates.
U.S. crude oil was up $1.29 to $52.96 a barrel, taking back a fraction of this week’s big losses.
A weekly report from the U.S. Energy Information Administration said U.S. crude oil inventories increased 0.4 million barrels in the week ended July 3, while analysts expected stocks to decline 1.1 million barrels.
The material has been provided by InstaForex Company – www.instaforex.com