West Texas Intermediate oil traded fell on Tuesday, but settled above the session’s worst levels, finding some support on the back of a climb in U.S. and Chinese stock markets, as Brent prices recouped all of their losses in the previous session.The petroleum markets recovered from their lows “after an afternoon rally drove the Shanghai Composite Index SHCOMP, +2.46% to a 2.92% Tuesday gain, with traders noting the late surge was consistent with past government stimulus efforts,” Tim Evans, an energy analyst at Citi Futures, said in a note. U.S. equities rallied too.
October WTI crude CLV5, +0.41% settled at $45.94 a barrel, down 11 cents, or 0.2%, on the New York Mercantile Exchange, after tapping a low of $44.14. Brent crude for October delivery LCOV5, +0.44% on London’s ICE Futures exchange rose $1.89, or about 4%, to $49.52 a barrel in the wake of a 4% decline on Monday.
WTI crude climbed 1.8% last week but there was no price settlement on Nymex Monday because of the Labor Day holiday.
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