Caspian Energy Journal Caspian European Club
Wednesday, 21 November 2018 11:00

Oil bounces after 6-percent plunge

Oil bounces after 6-percent plunge

Oil bounced by around $1 a barrel on Wednesday to claw back some of the previous day’s 6 percent plunge, lifted by a report of an unexpected decline in U.S. commercial crude inventories and record Indian crude imports, Caspian Energy News ( reports with reference to Reuters.

But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.

International Brent crude oil futures LCOc1 were at $63.60 per barrel at 0516 GMT, up $1.07 per barrel, or 1.7 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1, were up $1.03 cents, or 1.9 percent, at $54.46 a barrel.

Wednesday’s rebound came after a report by the American Petroleum Institute late on Tuesday that U.S. commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16.

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Person in charge of the newsline: Olga Nagiyeva 

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