Oil Traders Attempt To Claw Back Losses

U.S. West Texas Intermediate crude oil futures edged higher on Thursday in a mostly uneventful trade, highlighted by a benign government weekly inventories report. Traders were trying to claw back losses from the biggest two-day setback for the start of a year in three decades. Helping to underpin the market was a shutdown of a U.

S. fuel pipeline while economic concerns are capping gains. But fear of a global recession and lower demand capped gains. Steep Plunge to Start New Year WTI’s cumulative decline of more than 9% on Tuesday and Wednesday…