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Oil prices gain after strong US retail sales help ease recession worries

Updated : August 16, 2019 07:58 AM IST

Brent crude was up 31 cents, or 0.5 percent, at $58.54 a barrel at 0047 GMT, after falling 2.1 percent on Thursday and 3 percent the previous day.
US crude was up 43 cents, or 0.8 percent, at $54.90 a barrel, having fallen 1.4 percent the previous session and 3.3 percent on Wednesday.
The price of Brent is still up nearly 10 percent 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+.

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