Oil prices recovered slightly on Thursday but were unable to claw back the more than 9% decline in the previous three days as demand concerns in major consumers overrode signals that the U.S. may pause its interest rates increases.
Brent futures rose 17 cents, or 0.2%, to $72.50 a barrel by 0257 GMT. Since Friday, however, Brent has dropped more than 9% and earlier on Thursday fell to as low as $71.28.
Prices have plunged this week amid signs of weak manufacturing growth in China, the world's largest oil importer, and after the U.S., the world's biggest oil user, raised interest rates to their highest since 2007 on Wednesday, which threatens future economic growth there. "Oil is starting to find some support as all the bad supply and demand news has been priced in," said Edward Moya, an analyst at OANDA.by a quarter of a percentage point as expected, it signaled it may pause further increases to give officials time to assess the fallout from recent bank failures and wait for clarity over the dispute over raising the U.S. debt ceiling.
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