LIVE CRUDE OIL UPDATE ::
Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011.
Brent crude oil LCOc1 fell 82 cents, or 1.1 percent, to a low of $75.35 before recovering to trade around $76.32, up 15 cents, by 0910 GMT. The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on Oct. 3.
U.S. light crude CLc1 was unchanged at $66.82 after touching an intraday low of $65.99, down 83 cents.
“The market looks negative with lower numbers likely,” said Robin Bieber, technical analyst at London brokerage PVM Oil.
“Expect spirited rallies,” Bieber said, adding that he would consider such spikes as selling opportunities.
Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy. is also starting to show in container and dry-bulk rates, both of which have declined significantly in October, pointing to a slowdown in global trade. investors are concerned about rising oil inventories as supply exceeds demand in some key markets, including the United States.
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