London — Oil edged higher as global markets steadied on Thursday, recouping some of the previous day’s 2% slide, though a weakening outlook for crude demand kept prices in check. The oil market had felt the effects on Wednesday of a large build in US inventories that added to concern over the outlook for fuel demand, while crude was also swept lower by broader selling of industrial commodities such as copper. China and the US have implemented several rounds of tit-for-tat trade tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth. The crisis gripping the Turkish lira, meanwhile, has rattled other emerging markets and reverberated across equities, bonds and raw materials. Brent crude oil futures were at $70.89 a barrel at 9.33am GMT, up 13c, while US crude futures rose 8c to $65.09.
"The growth story is now more or less a US growth story. The rest of the world isn’t playing along any longer," said Saxo ...
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