Oil prices rebound after prior session's massive losses
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E-mail Xinhua, October 23, 2020
NEW YORK, Oct. 22 (Xinhua) -- Oil prices climbed on Thursday, recouping some of the steep losses they suffered in the prior session.
The West Texas Intermediate (WTI) for December delivery rose 61 cents to settle at 40.64 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 73 cents to 42.46 dollars a barrel on the London ICE Futures Exchange.
The moves followed a major setback on the oil market that saw WTI and Brent skid 4 percent and 3.3 percent, respectively, on Wednesday.
"The persistently weak demand, the risk of further mobility restrictions, problems in and tensions between the countries that have signed up to the production cuts agreement, and rising production in those that have not," are among the risks that are becoming increasingly visible on the oil market, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Thursday.
Oil market participants also continued to digest the U.S. crude stockpiles data.
U.S. crude oil inventories decreased by 1.0 million barrels during the week ending Oct. 16, the U.S. Energy Information Administration (EIA) reported on Wednesday. Analysts polled by S&P Global Platts expected the EIA to report a drop of 1.9 million barrels in U.S. crude supplies for the week. Enditem
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