Recovery of oil prices just temporary

Oil prices yesterday initially recovered significantly from the multi-month lows they had recorded previously, but then came under renewed pressure in late trading. 

Brent this morning has fallen to below $53 per barrel and as such is again nearing the six-month low it hit yesterday morning. WTI has dropped to $47.5 per barrel but is still almost $1 off yesterday's four-month low. 

Even rising Chinese equity markets and a surprising 1.9 million barrel decrease in US crude oil stocks last week, as reported by the API after close of trading yesterday evening, are unable to halt the renewed price slide, according to Commerzbank.