Oil resumes rise after fall on US stock data
By Barbara Lewis
LONDON (Reuters) - Oil prices rose on Thursday, recovering from three days of selling, as persistent worries about the fragility of international supplies offset the impact of a short-term surplus of crude.
U.S. light crude rose 21 cents to $66.06 a barrel by 1050 GMT, while European Brent crude traded 37 cents higher at $64.6l.
After U.S. inventory data showed much bigger than expected rises in stocks of refined products, prices on both sides of the Altantic fell more than a dollar on Wednesday.
"The market is well supplied," said Alexandre Kervinio of SG Commodities in Paris. "But the market has been buying in the dips. The focus is on geopolitics."
http://tinyurl.com/cw447
LONDON (Reuters) - Oil prices rose on Thursday, recovering from three days of selling, as persistent worries about the fragility of international supplies offset the impact of a short-term surplus of crude.
U.S. light crude
After U.S. inventory data showed much bigger than expected rises in stocks of refined products, prices on both sides of the Altantic fell more than a dollar on Wednesday.
"The market is well supplied," said Alexandre Kervinio of SG Commodities in Paris. "But the market has been buying in the dips. The focus is on geopolitics."
http://tinyurl.com/cw447
posted by Oil Shock at 10:35 AM
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