Brent crude rose towards $105 a barrel on Wednesday, bouncing off a nine-month low hit in the previous session after industry data showed a large drop in U.S. crude stocks last week.
The rebound came after oil prices tumbled on Tuesday as investors grew increasingly nervous about weak seasonal demand and poor refinery margins in a well-supplied global market.
The rebound came after oil prices tumbled on Tuesday as investors grew increasingly nervous about weak seasonal demand and poor refinery margins in a well-supplied global market.
The Brent oil contract for prompt delivery advanced 20 cents to $104.81 per barrel by 0506 GMT, after settling on Tuesday at its lowest since Nov. 7 last year.
U.S. crude for September delivery gained 10 cents to $97.48 a barrel after falling to as low as $97 on Tuesday, its weakest point since early February.
U.S. crude for September delivery gained 10 cents to $97.48 a barrel after falling to as low as $97 on Tuesday, its weakest point since early February.
Oil prices have fallen more than $10 a barrel over the past month and a half. Global supply has been running above demand, creating a glut in the Atlantic Basin and Asia.
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