Oil prices rose in Asian trade on Thursday, recovering some ground after several days of bruising losses as industrial data showed that US inventories marked an unexpected balance last week. Brent oil futures for December delivery were up 0.6% at $74.67 a barrel, while West Texas Intermediate crude futures were up 0.6% at $70.27 a barrel.
Both contracts fell sharply in the past week, with losses intensifying in recent sessions after two major industry groups cut their outlook for demand growth. Reports of a less severe escalation of tensions between Israel and Iran also weighed on oil prices. But oil markets were rocked by a two-week bumper build in US inventories.
Oil prices suffer heavy losses amid demand fears. Oil prices have fallen between 5% and 6.5% in the past week, suffering steep losses on worries about weak demand. Attention was also drawn to Israel’s response to Iran’s missile attack in early October. But Israel has reportedly told US officials it will not target Iran’s oil and nuclear facilities.
