West Texas Intermediate (WTI) crude oil closed higher on Thursday, rising off the lowest since January following four losing sessions that came on weak Chinese demand and concerns over the health of the U.S. economy.

WTI crude for October delivery closed up US$1.08 to settle at US$73.01 per barrel after falling yesterday to the lowest since Jan. 8, while October Brent crude, the global benchmark, was last seen up US$1.43 to US$77.48.

Oil prices have dropped 8.4% over the past month on weak demand from China and low interest from institutional investors. While a 4.6-million barrel drop in U.S. inventories reported Wednesday by the Energy Information Administration showed U.S. demand remains healthy, traders focused instead on a sizable downward revision to U.S. employment growth, showing 818,000 fewer jobs than expected were added in the year ending on March 31.

Source : MT Newswires

Sumber : MT Newswires