Crude oil prices rebound continues on signs of demand recovery
The rebound of crude oil prices in the oil market continued for the second consecutive day, as oil prices went up on Wednesday.
The rebound of crude oil prices in the oil market continued for the second consecutive day, as oil prices went up on Wednesday. This is based on a spate of relatively positive news from the oil market and signs that oil demand is beginning to recover in the world’s biggest economies.
One of the positive news in the oil market is the report from the American Petroleum Institute (API), that crude storage rose by 10.6 million barrels as against the 13.2 million barrels that were projected. This shows an almost 3 million per barrel reduction, probably a sign that the glut might be easing off.
The market reacted positively to the news on Wednesday, as the American WTI went up by 7.5% and it sold for $16.19 per barrel. The Brent crude jumped up by 3.9% at $23.42 per barrel and Nigeria’s headline crude, Bonny light, rose by 11.18% at $16.51 per barrel.
The rebound of crude oil prices in the oil market continued for the second consecutive day, as oil prices went up on Wednesday.
The rebound of crude oil prices in the oil market continued for the second consecutive day, as oil prices went up on Wednesday. This is based on a spate of relatively positive news from the oil market and signs that oil demand is beginning to recover in the world’s biggest economies.
One of the positive news in the oil market is the report from the American Petroleum Institute (API), that crude storage rose by 10.6 million barrels as against the 13.2 million barrels that were projected. This shows an almost 3 million per barrel reduction, probably a sign that the glut might be easing off.
The market reacted positively to the news on Wednesday, as the American WTI went up by 7.5% and it sold for $16.19 per barrel. The Brent crude jumped up by 3.9% at $23.42 per barrel and Nigeria’s headline crude, Bonny light, rose by 11.18% at $16.51 per barrel.
