Oil recovers above $44.00 following steep losses

Oil prices managed to recover on Thursday, following two days of heavy losses, helped by a larger-than-expected decline in US stockpiles, although concerns over a global supply glut linger.

West Texas Intermediate crude for October rose 1% to trade around $44.00 a barrel on the New York Mercantile Exchange. After losing nearly 6% over the last days, WTI recovered from a low of $43.26 a barrel and reached a high of $44.34in recent dealings.

On Wednesday, data showed US crude stocks fell by 559,000 barrels, against expectations of a 3.8 million barrels rise and following a huge fall of 14.5 million barrels in the previous week.