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Oil prices recovering some ground Price of oil bounces back sharply
(about 11 hours later)
Global oil prices have risen after recovering some ground after Wednesday's big falls. Sharply higher global stocks have pushed oil prices higher, clawing back almost all of Wednesday's big falls.
US light crude was up 45 cents to $63.80 a barrel, while in London, Brent was ahead by 90 cents to $67.43. US light crude was up $3.66, or almost 6%, to $67.01 a barrel, while London Brent was ahead by $3.68, at $70.21.
The gains came after US light crude slumped $3.88, or almost 6%, on Wednesday due to data showing a large rise in US oil stockpiles. US light crude slumped $3.88 on Wednesday after figures showed a rise in US oil stockpiles, indicating too much supply in relation to demand.
Analysts said some of the rebound was expected, helped by rises on the global stock markets. Renewed confidence in stock markets, sparked by a series of encouraging corporate results, caused the rebound.
With Japan's Nikkei ending up 0.5%, and the UK's FTSE ahead by 1.4% in late morning trading, these gains helped restore investor confidence in future oil demand. Volatility
With Japan's Nikkei ending up 0.5%, Europe's main markets closing about 2% higher and the Dow Jones in the US up 1.7% by mid-afternoon, investors' confidence in future oil demand returned.
But some analysts expressed concern at the volatility in the oil price, particularly as the bounce was sparked by sentiment rather than oil-related news.
"You need to really worry about a market that sells off on a very large build of supply one day, and then rebounds on no headline at all," said analyst and trader Stephen Schork.
In July last year, the price of oil peaked at around $147 a barrel, before falling back to close to $30 at the start of 2009 due to the impact of the global recession.In July last year, the price of oil peaked at around $147 a barrel, before falling back to close to $30 at the start of 2009 due to the impact of the global recession.
Oil prices have recovered to around $60 since then, but volatility remains.