Oil prices bounce back in Asian trade

Thu Oct 08, 2015 10:14 AM

SINGAPORE: Oil prices bounced back in Asia on Thursday as investors weighed a rise in US crude inventories and production against a forecast by OPEC's chief of rising demand. 

US benchmark West Texas Intermediate for November delivery climbed 23 cents to USD 48.04 and Brent crude for November gained 21 cents to USD 51.54 in late-morning Asian trade. 

Prices tumbled on Wednesday after a US department of energy report showed commercial crude stockpiles rose more than expected in the week ending October 2, indicating softer demand in the world's top oil consuming nation. 

(Courtesy: The Times Of India)

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