Oil prices steady around multi-year lows
Yahoo News - about 1 year
By Meeyoung Cho and Ahmad Ghaddar SEOUL/LONDON (Reuters) - Oil prices steadied around 11-1/2-year lows, after rising earlier during the day following Chinese shares higher, as persistent global oversupply and a bleak demand outlook weighed on prices. Oil prices plunged to 12-year lows on Thursday after leading energy consumer China allowed its yuan currency to slip, sending stock markets tumbling globally. "We haven’t really seen a change in the trend, and much more evidence is needed for calling a trend change or even a halt in prices," Michael Poulsen of Global Risk Management said.
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