Oil Creeps Back Above $60, But Growth Doubts Curb Gains

Oil prices rose above $60/bbl on Nov. 26, recovering some of the previous session’s near-7% fall, although uncertainty over global economic growth limited the gains.

Brent crude futures LCOc1 were up $1.30 at $60.10/bbl by 1255 GMT, while U.S. futures CLc1 were up 77 cents at $51.19/bbl after a sell-off which saw both contracts hit 13-month lows.

“It is difficult to say whether $60 is the new normal, as there doesn’t seem to be a ‘normal’ at the moment,” Cantor Fitzgerald oil and gas analyst Jack Allardyce said.