Oil prices rally ahead of official stockpile data

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New York, July 7 (IANS) Oil prices rebounded on Wednesday following previous day’s sharp losses, as investors awaited the Energy Information Administration’s (EIA) stockpile data scheduled for release on Thursday.

The West Texas Intermediate for August delivery rose $0.83 to settle at $47.43 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained $0.84 to close at $48.80 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Oil prices have traded between $45 and $51 a barrel over the past month since almost doubling from a multi-year low in February. The recovery has prompted some US producers to return drilling rigs to service, leading to speculations that a decline in crude output will slow.

Investors kept a close eye on US crude inventory data, which was one day later than usual due to Monday’s Independence Day holiday.

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