Oil prices recovered following it hit a fresh 12-year low, below the $30 mark, prior to the release of inventory data.
Light, sweet crude futures for February delivery closed at $30.88 per barrel, up $0.44. February Brent crude ended at $31.16 per barrel, up $0.30. Also, US oil futures settled at $30.44.
For almost two years, oversupply has battered the industry. New concerns about the overall Chinese economic health have escalated woes about demand for crude oil.
The material has been provided by InstaForex Company – www.instaforex.com