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Asharq Al-Awsat

Business

Asharq Al-Awsat

Oil Prices Recoup Early Losses on China Hopes, Global Supply Fears

Oil China United States Shanghai Economic Growth European Union Texas

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson /File Photo

Oil prices rose on Thursday, recovering from early losses, on hopes that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.

Brent crude futures for July were up $1.53, or 1.4%, at $110.64 a barrel at 0447 GMT, after falling by more than $1 earlier in the session.

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