Oil prices, which plunged into a bear market this week, reclaimed some of their steep loss in Thursday action, tracking gains for global stock markets as upbeat news emerged from China.
West Texas Intermediate crude for September delivery snapped back by $1.45, or 2.8%, to $52.54 a barrel on the New York Mercantile Exchange. Its 4.7% plunge to $51.09 Wednesday was the lowest settlement for the contract since Jan. 14, 2019, according to Dow Jones Market Data. October Brent crude was up $1.15, or 2%, at $57.38 a barrel on ICE Europe. It fell 4.6% to $56.23 a day earlier, the lowest finish since Jan. 3, according to Dow Jones Market Data.
WTI remains off roughly 21% from its 2019 settlement high of $66.30 hit on April 23, which by most measures, is a return to bear-market territory. Brent has fallen about 23% since the late-April high-water mark, according to Dow Jones Market Data.