Oil prices rebound

New York, Oct 23 (IANS) Oil prices slightly rebounded on Thursday after Wednesday’s sharp losses.

Global equities traded higher on Thursday after the European Central Bank left interest rates unchanged, Xinhua reported. The rising stocks boosted the sentiment of oil market.

Oil prices dived on Wednesday as US crude output increased more than expected.

US crude supplies of last week gained 8 million barrels to 476.6 million barrels, 98.9 million barrels more than one year before, according to the weekly report of Energy Information Administration issued on Wednesday.

The technical meeting of crude producers was held in Vienna, Austria, Wednesday. Media reported that delegates from the Organisation of Petroleum Exporting Countries and non-OPEC did not discuss the production limits or price targets.

The West Texas Intermediate for December delivery moved up 18 cents to settle at $45.38 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 23 cents to close at $48.08 a barrel on the London ICE Futures Exchange.

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