Crude oil prices rose more than 1%  after two days of declines, buoyed after data showing an increase in retail sales in the United States helped dampen concerns about a recession in the world’s biggest economy.
In July, US retail sales rose 0.7% as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the US Treasury yield curve inverted for the first time since June 2007, prompting a sell-off in stocks and crude oil.
Saudi Arabia is committed to do whatever it takes to keep the market balanced next year, said officially. But the efforts of Organization of the Petroleum Exporting Countries (OPEC) have been outweighed by worries about the global economy amid the US-China trade dispute and uncertainty over Brexit, as well as rising US stockpiles of crude and higher output of US shale oil.
Read EquityPandit’s Nifty Outlook for the Week