Oil prices rebounded in Asian trade on Thursday after steep declines overnight following the release of mixed energy stockpiles data from the United States.
New York's main futures contract, light sweet crude for delivery in March, climbed 11 cents to USD 73.78 a barrel. It dropped USD 1.04 to USD 73.67 in New York trade yesterday, its lowest close since December 22.
London's Brent North Sea crude for March delivery was up 14 cents to USD 72.38.
Analysts said the closely watched weekly stockpiles report for the United States, the world's biggest energy consumer, depressed the market. "The large crude draw was positive but products continue to disappoint," said DnB Nor Markets analyst Torbjorn Kjus.
The US Department of Energy said yesterday that crude oil inventories plunged 3.9 million barrels in the week ended January 22, surprising most analysts who had expected an increase
Source Economic times
Lables OIL,Commodity
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