The Traderszone Network

Published in TZ Latest News 2 February, 2015 by The TZ Newswire Staff

Oil firm after two-day rally, but China demand outlook caps gains

Oil futures continued to firm on Tuesday, adding to gains of more than 11 percent in the prior two sessions, but persistent worries over China’s demand outlook capped prices. Brent crude oil futures were 84 cents higher at $55.59 a barrel by 0717 GMT (2.13 a.m. ET). “The seeds of an oil price recovery are being sown,” Bernstein analysts said in a note, warning of further downside risk to oil supply in places such as the Gulf of Mexico, the North Sea and Brazil, as companies cut costs in response to a fall of up to 60 percent in oil prices since mid-June.

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