Oil prices rise more than 3% as stock markets rally

27-Aug-2015

Oil prices jumped more than 3 percent on Thursday after a rally in equity markets and an unexpected fall in U.S. crude inventories, but worries over the health of the Chinese economy and a global oil glut kept the outlook uncertain.

World stock markets rallied on Thursday as Chinese shares recovered on hopes that government measures to stimulate the economy would pay off, while the dollar also rallied as risk aversion eased.

Oil markets moved up from six-and-a-half-year lows reached earlier this week, but investors are still worried about a huge oversupply in the oil market which is depressing oil for immediate delivery and filling stockpiles worldwide. (by Reuters)

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