Oil prices are on the rise this morning after initially dropped on more evidence of a recession in the United States. Crude is up to $64.95 a barrel, but the outlook for the oil market is generally gloomy. Credit Suisse cut its forecast for China’s oil demand next year to nearly zero from 4% on the back of lower economic growth forecasts, reports George Jahn for the Associated Press.
United States Oil (USO) is down 30.7% year-to-date.
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