Oil market stages rebound

Oil prices rebounded somewhat today but remained under pressure after a sell-off sparked by the faltering economy in top global energy consumer China.
US benchmark West Texas Intermediate (WTI) for October delivery rose USD 1.13 to USD 39.37 per barrel.
Brent North Sea crude for October climbed by USD 1.32 in early afternoon London deals to USD 44.01.
The oil market had tumbled yesterday to 6.5-year lows on heightened fears over a potential Chinese economic slowdown.
Brent slumped to USD 42.51 -- the lowest level since March 2009 -- and WTI collapsed to USD 37.75, a nadir last witnessed in February the same year.

"Crude oil is... Cheaper than it has ever been in the past 6.5 years," said Commerzbank analysts in a note to clients.

"Although prices are experiencing a recovery this morning, this is hardly worth mentioning given their recent losses.
"Selling took place across the board yesterday, with total disregard for any losses, primarily amid fears of an economic slump in China."
Investors fear China's faltering economy will curb demand for industrial materials that have helped feed its astonishing growth in recent years.
On oil markets, a drop in buying from China, the number- one energy importer, could be catastrophic at a time when international markets are already heavily oversupplied and could soon see resurgent production from Iran after its nuclear deal.

"None of the support for oil are holding strong enough to reverse the current bearish momentum," said Daniel Ang, investment analyst at Phillip Futures in Singapore.