Oil prices rebounded after yesterday's decline. Oil prices yesterday fell on U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 8.03 million barrels to 476.6 million in the week to October 16. It was the fourth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 3.65 million barrels.
A meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna ended without any concrete results. Countries refused to cut their oil production.
WTI crude oil for December delivery rose to $45.31 a barrel on the New York Mercantile Exchange.
Brent crude oil for December climbed to $48.07 a barrel on ICE Futures Europe.