INSUBCONTINENT EXCLUSIVE:
sales in the United States helped dampen concerns about a recession in the world's biggest economy.Brent crude was up 68 cents, or 1.2 per
cent, at $58.91 a barrel at 0650 GMT (12:20 pm in India), after falling 2.1 per cent on Thursday and 3 per cent the previous day.US crude
was up 63 cents, or 1.2 per cent, at $55.10 a barrel, having dropped 1.4 per cent the previous session and 3.3 per cent on Wednesday.US
retail sales rose 0.7 per cent in July 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.An inverted Treasury yield curve is historically a reliable predictor of looming recessions."The rebound has a
corrective look about it on thin volumes, rather than a beachhead for an impending rebound," said Jeffrey Halley, senior market analyst at
"Overall, US data continues to be a bright spot in a dark economic universe."Gains are likely to be capped after a week of data releases
including a surprise drop in industrial output growth in China to a more than 17-year low, along with a fall in exports that sent Germany's
economy into reverse in the second quarter."The broader story around global economic growth has been a weak one, or a weakening one and
expectations (are for) further weakening," Phin Ziebell, senior economist at National Australia Bank, said by phone.The price of Brent is
still up nearly 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies
such as Russia, a group known as OPEC+
In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices."At what point will further output cuts be needed at the
back end of this year from OPEC and Russia to keep things going the way they are?" Mr Zeibell said, pointing to the broader economic
outlook.A Saudi official on August 8 indicated more steps may be coming, saying: "Saudi Arabia is committed to do whatever it takes to keep
the market balanced next year."But the efforts of 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.Get Breaking news, live
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