Oil steadies below $32 as investors book profits

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Crude oil steadied near $32 per barrel on Tuesday thereby recovering slightly as investors booked profits.

Prices are down around 15 percent since the start of the year due to a glut, China’s weakening economy and stock market turmoil.
Other factor is strong dollar, which makes it more expensive for those using other currencies to buy oil.

Benchmark Brent crude recovered to $31.75 dollars, up 20 cents or 0.5 percent, by 1142 GMT.

“Every time you hit new lows, there’s the potential for profit taking, and as people try to pick the bottom of the market,” said Richard Mallinson, geopolitical analyst at Energy Aspects.

The U.S. crude West Texas Intermediate (WTI) crawled back to $31.06. (Reuters)

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