Oil prices remain lower than $75 (£48.19) per barrel today (August 20th) as a spate of weak figures regarding the US economy added to expectations that crude demand will lessen.
The Associated Press reports benchmark crude for delivery in October rose to $74.45 per barrel, an increase of two cents, on trading platforms at midday Kuala Lumpur time.
According to the news source the contract declined by 99 cents yesterday to settle at $74.43.
In a report Ritterbusch and Associates said: "While risk appetite has been swinging back and forth during the past few weeks, the greater risk still tilts to the downside as a result of generally unfavorable economic guidance."
The past two weeks have seen crude prices retreat by almost eight per cent amid evidence of slowing economic growth.
Earlier this week data from the American Petroleum Institute said crude inventories increased by 5.87 million barrels last week.
