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U.S. crude edges away from 2009 lows; huge storage glut means outlook remains bleak

A pedestrian stands near a sign displaying the cost of gasoline at a filling station in San Francisco, California July 22, 2015. REUTERS/Robert Galbraith

SINGAPORE (Reuters) – U.S. oil prices edged away from 2009 lows in early trading on Thursday but overall market sentiment remained extremely bearish due to huge unused amounts of petroleum sitting idle in storage tanks and as China’s economy was showing no signs of recovery.

U.S. West Texas Intermediate (WTI) futures were trading at $34.23 per barrel at 0026 GMT, up 26 cents from their last settlement but within half a dollar of 2009 lows reached on Wednesday at $33.77 per barrel.

“Data suggest gasoline and distillate fuel stockpiles increased 10.6 million barrels and 6.3 million barrels, respectively, last week. The read more >>>

Source : BusinessInsider.Com