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- Oil retreated from 6-month low
Oil retreated from 6-month low
Crude-oil futures on Thursday rebounded from six-month lows, as the rock-bottom prices enticed some buyers back to the market.
Oil has closed lower for 10 of the past 11 sessions, and on Wednesday settled at its lowest since early November.
Analysts cautioned the bearish elements that brought crude down are still present, however. Market worries have centered around the worsening of the euro-zone debt crisis, weakening U.S. macroeconomic data, potential for a slowdown in China and U.S. crude stockpiles at a two-decade high.
The dollar continued its winning run against other major currencies, keeping the pressure on oil and other commodities.
Crude oil for June delivery rose 0.14% to $92.94 a barrel on the New York Mercantile Exchange.
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