– Oil prices steadied on Thursday, following sharp overnight losses as US crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.Brent crude LCOc1 was down 13 cents, or 0.2%, at $59.35 a barrel by 0643 GMT, after falling 3% in the last session.
The combination of a slew of data suggesting a slowdown in global growth amid the US-China trade war and persistently high levels of oil in US storage has punctured recent optimism in crude markets, but stoked expectations that leading producers may take further steps to support prices. The Organization of the Petroleum Exporting Countries has been mostly trimming production since the start of 2017 and traders say they expect Saudi Arabia to reduce output further amid slowing global oil demand.
China reported disappointing data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the US intensifies.
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