Oil prices end higher after dropping more than $1 per barrel and then reaching 2

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.

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