Oil prices rebounded from over three-month lows on Tuesday, lifted by a drop in the dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls. International Brent crude oil futures LCOc1 were trading at $44.93 per barrel at 0501 GMT, up 21 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $43.23, up 10 cents per barrel. Brent hit its lowest level since May the previous day, while WTI hit its lowest level since April. Traders said the higher prices were partly a correction after the previous day's sharp falls, and also reflected amore than 1 percent fall in the dollar against the Japanese yen on Tuesday. As oil is traded in dollars, a drop in its value makes fuel imports cheaper for countries using other currencies, potentially spurring demand.
07-27-2016, 06:51 AM
Oil prices*rebound
العرض الشجري