Oil rises for first day in 3 as slowdown concerns ease

Oil prices rose in European market today, as market's concerns over the US economy slowdown eased after strong US retail sales data, in addition to the US Treasury yield recovering and market's bets on Saudi Arabia to support oil prices.

As of 08:05 GMT, WTI rose to $55.22 a barrel from the opening of $54.67, with a high of $55.38 and a low of $54.67.

Brent also rose to $59.00 a barrel, from the opening of $58.38, with a high of $59.06 and a low of $58.38.

WTI closed yesterday lower by 0.4%, and Brent futures lower by 1.1%, their second daily loss in a row, on global recession concerns and weak fuel demand levels.

The US retail sales rose higher than expected in July, which has eased market's concerns over the US economy, in addition to the 10-year Treasury yield rebounding to trade again above the 2-year Treasury yields. .

As concerns mounted on Wednesday after the two-year and 10-year bond yield curve inversion for the first time since 2007, which markets interpreted as a sign that the US economy is near a recession. 

Saudi Arabia is seeking measures to stop oil prices from further falling, as a Saudi official said, that the kingdom will not tolerate the continued decline in prices and is considering all options.

Riyadh announced last week its intentions to set its oil exports below 7 million barrels per day in August and September.

As the Saudi officials see that they should interfere with the price slump, especially ahead of Aramco's initial IPO, which could be largest offering ever in the world.

Saudi Arabia may cut production, in addition to making other producers to join this cut, and if the OPEC Plus alliance cut production more than previously agreed, it is likely that Riyadh will bear the biggest share of the cut.

Meanwhile, OPEC Plus are currently executing a global agreement to cut oil production by 1.2 million barrels per day until March 2020.