Oil prices rose more than $1 a barrel on Thursday after stock markets began rallied across the globe.
Monday’s meltdown in China pushed oil price down further on worries that demand from China would dry up. However, Brent, was up $1.50 at $44.64 at open this morning and U.S. crude was up $1.50 at $40.10 a barrel.
Oil markets moved up from six-and-a-half-year lows reached earlier this week, but worries of oversupply and a lack of demand continue to render the future uncertain.
Several large oil companies have made cutbacks in the light of the crisis, with Total announcing today plans to sell its assets in the North Sea.
“The trend is strong and down. However, do not be wrong footed by a correction higher,” PVM Oil Associates technical analyst Robin Bieber told Reuters. “Few markets head forever in one direction with no respite.”