Oil fell back below $50 a barrel on Thursday, after surging more than 2 percent as equity markets rallied on signs the U.S. recession was easing, boosting hopes of a demand recovery in world’s top energy consumer.
The market will be eying U.S. weekly jobless claims, due later in the day, for further signs that the speed of contraction in the economy was abating.
Guardedly positive comments on the U.S. economy from the Federal Reserve’s Beige Book report outweighed bearish government data showing that U.S. crude inventories last week rose to the highest level in nearly 19 years, sparking a rally on Wall Street overnight and Asian shares on Thursday.
But oil pared some gains after China released mixed economic data. The world’s second-largest energy consumer said its economy grew a slower-than-expected 6.1 percent in the first quarter, but posted other data, such as industrial output, that signalled some optimism.
By 5:06 a.m. British time, U.S. crude for May delivery was up 63 cents to $49.88 a barrel, after rising to $50.30 earlier. ICE Brent crude for the new front-month of June was up 53 cents at $52.97 a barrel.
«The U.S. inventory stats were really, really bad and we expected oil to fall to around $43 to $48, but the bottom was pretty firm even with the terrible data, and it’s trading around plus or minus $50,» said Tony Nunan, risk manager at Tokyo-based Mitsubishi Corp.
«It looks like the market has found its bottom, but it’s going to struggle to go up from here.»
Source: Reuters.
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