Oil steadies but outlook for demand grows gloomy | Reuters

Oil steadies but outlook for demand grows gloomy | Reuters:

Oil rose slightly as global markets steadied on Thursday, recovering some of the previous day’s 2 percent slide, though a weakening outlook for crude demand kept prices in check.

The oil market slid on Wednesday as data showing a large build in U.S. inventories fed concern about the fuel demand outlook, while crude was also pressured by broader selling of industrial commodities such as copper. [EIA/S] [MET/L]

“There’s still an overhang from the report yesterday,” said John Kilduff, a partner at Again Capital Management in New York, citing surging imports that boosted inventories despite high refinery run rates.