Oil prices edge up but remain near 6-1/2-year lows as Asian stocks slump

Crude oil markets edged up but remained near 6-1/2-year lows on Tuesday, following a session that saw prices fall as much as 6 per cent after a Chinese equities rout sent global markets into a tailspin.

Asian stocks resumed their slides on Tuesday, with China’s and Japan’s major stock indexes tanking again in early trade, sparking fears of a hard landing for the Chinese economy, the world’s most important growth engine.

US crude futures were trading up 32 cents at $38.56 per barrel at 0210 GMT, while Brent was up 27 cents at $42.96.

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Posted in: Indian Market Tips