Oil futures settled with a gain on Thursday, with U.S. prices up for the first time in six sessions, finding support as a selloff in Chinese stocks abated and difficult negotiations over Iran’s nuclear program helped ease supply worries.
Prices also got a boost as upbeat economic data about Japan and Germany lifted prospects for energy demand.
August West Texas Intermediate crude rose $1.13, or 2.2%, to settle at $52.78 a barrel on the New York Mercantile Exchange, but remains more than 7% lower since the end of last week. ICE August Brent crude added $1.56, or 2.7%, to $58.61 a barrel, slicing a week-to-date loss to 2.8%.
“There have been growing concerns that the China stock market crash could destabilize the economy and cut into resource demand, which had put a lot of pressure on commodities lately,” said Colin Cieszynski, chief market strategist at CMC Markets.