Oil prices steady after big drop on recession concerns, inventory rise - Reuters

Oil prices steady after big drop on recession concerns, inventory rise - Reuters:

Oil prices steadied on Thursday, following sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.

Brent crude LCOc1 was down 13 cents, or 0.2%, at $59.35 a barrel by 0643 GMT, after falling 3% in the last session.

U.S. crude CLc1 was up 5 cents, or 0.1%, at $55.28 a barrel, having dropped 3.3% in the previous session.

The combination of a slew of data suggesting a slowdown in global growth amid the U.S.-China trade war and persistently high levels of oil in U.S. storage has punctured recent optimism in crude markets, but stoked expectations that leading producers may take further steps to support prices.