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MTECHTIPS:-Crude oil futures rebound as equities recover

MTECHTIPS:-Crude oil futures rebound as equities recover

Crude oil futures rebounded along with global stock markets on Tuesday, one day after falling sharply due to fresh concerns over the health of China’s economy. Crude oil for delivery in November on the New York Mercantile Exchange tacked on 41 cents, or 0.93%, to trade at $44.85 a barrel during European morning hours. A day earlier, Nymex oil prices plunged $1.27, or 2.78%, after data showed profits earned by Chinese industrial companies in August fell 8.8% from a year earlier. The gloomy data underlined concerns over the health of the world’s second largest economy and added to fears over slackening oil demand. Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery inched up 47 cents, or 1.0%, to trade at $47.82 a barrel during morning hours in London. On Monday, Brent futures sank $1.26, or 2.59%, as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated. Crude oil prices have lost nearly 60% since last summer as lingering concerns over a glut in world markets drove down prices. Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.

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