Uncertainty In Oil Markets As Fundamentals Counter Economic Concerns

Oil prices dropped in Asian trading early on Wednesday before bouncing back slightly as market participants continue to weigh tightening supply and China’s fresh stimulus pledge against concerns of slowing developed economies amid rate hikes. In Asian trade on Wednesday, the U.S. benchmark WTI Crude was down by 0.13% to $75.65. The international benchmark, Brent Crude, recovered its early losses and was up 0.05% to $79.68. Concerns about the U.S. and European economies, coupled with the lower-than-expected Chinese growth in the second quarter,…