Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy.

International oil prices fall below $60 per barrel; recovers slightly amid rising US supply, stalling economy

Brent oil hit a 2019 high above $72 a barrel on Wednesday, propelled by steady economic growth in China and a fall in US crude stocks which defied expectations and signalled firm demand, while global supply remained tight.

International oil prices at record high in 2019

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.

Oil prices rise on OPEC cuts, US sanctions against Iran, Venezuela

US benchmark West Texas Intermediate(WTI) crude price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook. The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close.

US benchmark WTI crude price tumbles below $50 a barrel

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

International oil prices stabilise as OPEC production cut looms