Singapore, January 05 (QNA) – Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady.
Brent crude futures gained 59 cents to $78.43 a barrel, while US West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel.
Over the previous two sessions, Brent and WTI’s declines of more than 9% were the biggest two-day losses at the start of a year since January 1991.
US crude oil inventories rose by 3.3 million barrels last week along with gasoline stocks jumping 1.2 million barrels. (QNA)