Oil rallies but still near six-and-a-half-year lows

August 25, 2015 12:41 PM

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Oil rallies but still near six-and-a-half-year lows

LONDON Oil bounced back from heavy losses on Tuesday but global oversupply and worries about the severity of the economic slowdown in China, the world's top commodity consumer, kept prices near 6-1/2-year lows.

European share markets recovered but Chinese stock markets closed down more than 7 percent, with panic selling intensifying after the Shanghai Composite Index .SSEC crashed through key support at 3,000 points.

Also read: The OPEC Oil Deal Sells Fake News for Real Money

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