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Oil rebounds from rout as US data shows signs of strong product demand

Brent crude futures were up 61 cents at $56.87 a barrel, a 1.1% gain

Reuters  |  New York 

Oil prices rose on Wednesday, recovering somewhat from a sharp selloff during the previous session, after US data showed strong demand for refined products. Sentiment remained negative, however, as investors grappled with weakening demand and worries about oversupply. Brent crude futures were up 61 cents at $56.87 a barrel, a 1.1 percent gain, by 2:21 p.m. EST (1921 GMT). The front-month U.S. light crude contract , which expires on Wednesday, was $1.19 higher at $47.43 a barrel, a 2.6 percent gain. The second-month contract was up $1.07 a barrel. Crude inventories fell by ...

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First Published: Thu, December 20 2018. 01:37 IST
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