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Wed, Oct 23, 2019 | Last Updated 10:13 pm IST

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Oil prices recovered some ground, depress demand in the future

Oil prices recovered some ground, depress demand in the future
Oil prices recovered some ground, depress demand in the future
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Oil prices recovered some ground on Wednesday after touching their lowest in close to a month during the previous session on concerns that a weakening global economy could depress demand. Brent crude was up 12 cents, or 0.21 per cent, at $58.38/barrel by 0425 GMT, while US West Texas Intermediate futures gained 20 cents, or 0.37 per cent, at $54.14/barrel.

Oil prices recovered some ground, depress demand in the future

Oil prices sunk to a nearly one-month low on Tuesday following data that showed US manufacturing activity in August contracted for the first time in three years and eurozone manufacturing activity contracted for a seventh month in August.



But global markets bounced on Wednesday after a private survey showed that activity in china's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year.


Oil prices recovered some ground, depress demand in the future
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