Oil prices rose modestly on Friday, still within reach of 11 and a half-year lows, boosted by a recovery in Chinese shares, but persistent global oversupply and a bleak demand outlook capped gains. Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes earlier this week. Oil prices plunged to 12-year lows on Thursday after leading energy consumer China allowed its yuan currency to slip, sending stock markets tumbling globally. Beijing then suspended equities trading as the sharp falls triggered the circuit-breaking mechanism for a second time since its introduction this week.[MKTS/GLOB] “We haven’t really seen a change in the trend, and much more evidence is needed for calling a trend change or even a halt in prices,” Michael Poulsen of […]