Oil prices rebound following downbeat session

NEW YORK – Oil prices rose modestly on Thursday, reclaiming some of the losses they had suffered in the prior session, reported Xinhua.

The West Texas Intermediate (WTI) for November delivery increased 55 cents, or nearly 0.7 per cent, to settle at US$83.49 a barrel on the New York Mercantile Exchange. Brent crude for November delivery added 63 cents, or 0.7 per cent, to settle at US$90.46 a barrel on the London ICE Futures Exchange.

The above market reactions came as traders continued to weigh risks from both the demand and supply sides.

On Wednesday, the WTI and Brent dipped 1.2 per cent and 0.9 per cent to settle at their lowest in about two weeks, pressured by another big rate hike of the Federal Reserve and a rise in US crude stockpiles. —BERNAMA / Pic by BLOOMBERG