Business News

Oil Prices Rebound


Oil prices were rebounding on Wednesday after government data showed a surprise drop in US inventories of the hydrocarbon commodity, marking the fourth week in 16 in which stockpiles have contracted.

West Texas Intermediate (WTI) crude oil, the main US benchmark, was trading 1.1% higher at $50.12 per barrel recently, while Brent crude, the international gauge, was up by 0.6% at $52.87 per barrel recently. WTI and Brent had earlier hit intraday lows of $48.95 per barrel and $51.90 per barrel, respectively.

US inventories of oil declined by 3.6 million barrels to 528.7 million barrels in the week ended April 21, according to the Energy Information Administration’s (EIA) weekly oil report, published on Wednesday. This compared to a 1 million barrel weekly decline registered the previous week and an 897,000 barrel increase which had been projected by the American Petroleum Institute (API) on Tuesday.