With oil prices surging after the global market turmoil of "Black Monday," could investors regain their faith in commodities?
One economist told CNBC Thursday that if China fired enough stimulus into its economy, a longer-term bounce back in commodities could be on the horizon.
"We certainly think that the authorities in China have the firepower in terms of monetary and fiscal policy to enact enough stimulus for the economy to at least meet the growth rate they're targeting," Caroline Bain, senior commodities economist at Capital Economics, told CNBC on Thursday.
Brent and WTI crude oil prices surged as much as 9 percent on Thursday, following a rally in equity markets, an unexpected fall in U.S. crude inventories and U.S. second-quarter GDP data that was stronger than the previous estimate.
Markets were also boosted on the news, reported by China's state media agency, that Beijing had expanded its debt-for-bond swap program. This is aimed at easing the financing pressure on China's indebted local governments and comes as part of a series of moves by Beijing to boost its national economy and stabilize its stock market.