Economics
Oil Rises as Europe Eyes Stimulus While U.S. Supplies Tighten
- ‘So much two-way risk in the market’: Nasdaq’s Tamar Essner
- WTI adds 0.3% after falling most in a week on Wednesday
Valve wheels sit on crude oil pipework in an oil field near Samara, Russia, on Tuesday, May 14, 2019.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil eked out a gain, rebounding from its worst loss in a week, as traders focused on tightening U.S. stockpiles while Europe’s Central Bank readied a rescue plan for its economy.
Futures closed 0.3% higher in New York Thursday, after sliding 1.6% the day before. After mostly discounting the stockpile report on Wednesday, investors seemed to reassess the outlook and see buying opportunities, analysts said. The ECB, meanwhile, said it would consider options including rate cuts and renewed quantitative easing as President Mario Draghi warned the economy was looking “worse and worse.”