Oil Prices Begin To Bounce Back Following Dramatic Drop

Crude oil prices were on the rise Thursday after booking substantial losses earlier in the week following two bank collapses in the United States that ignited fears of an industry meltdown. The rebound in early Thursday trade followed an update on China’s growth outlook from Goldman Sachs, which reinforced expectations of stronger oil demand this year. The update follows more upbeat forecasts for demand, from OPEC and the International Energy Agency, which went as far as to say it expected global oil demand to hit a record high this year,…