Unexpected fall in US stocks lifts oil
Brent recovers on news of an unexpected decline in US commercial crude inventories and record Indian crude imports
Singapore — Oil bounced by around $1 a barrel on Wednesday to claw back some of the previous day’s 6% plunge, lifted by a report of an unexpected decline in US commercial crude inventories and record Indian crude imports. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. International Brent crude oil futures were at $63.60 a barrel at 5.16am GMT, up $1.07 a barrel, or 1.7%, from their last close. US West Texas Intermediate (WTI) crude futures, were up $1.03, or 1.9%, at $54.46 a barrel. Wednesday’s rebound came after a report by the American Petroleum Institute (API) late on Tuesday that US commercial crude inventories last week fell unexpectedly by 1.5-million barrels, to 439.2-million, in the week to November 16. Record crude imports by India of almost 5-million barrels a day also supported prices, traders said. Yet Wednesday’s bounce did little ...
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