Economic news

Oil prices rebound after sharp drop on U.S. inventories leap

Oil registered a bit of an uptick today as uproar over a Saudi reporter’s death continued, with crude firming following a heavy slump on U.S. oil inventories surge data.

Photo: Reuters

Brent futures for December rose to $80.18, 13 cents higher after the previous session result at 1.7% fall.

U.S. WTI for this month went up to $69.87 for a barrel, plus 12 cents, having dipped 3% during the preceding trading day, and closing at lower than $70, which hasn’t happened in a month.

The previous week’s growth of U.S. crude inventories was 6.5 mln barrels, as yesterday’s report by the Energy Information Administration showed, extending the increase period to four consecutive weeks and surpassing expert projections nearly threefold.

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