Oil prices end higher after dropping more than $1 per barrel and then reaching 2 Date: Wednesday, February 28 @ 00:03:02 PST Topic: Consumption; Demand; Prices
During morning trading, fears about weakening oil demand from China helped prices drop as low as $60.06. By afternoon, traders instead focused on expectations of declining petroleum product inventories, and prices crossed the $62 threshold for the first time this year to climb as high as $62.25.
Traders' early-morning jitters revolved around the weakening Chinese stock market, which led to worries about possibly declining oil demand.
