Oil rebounds from heavy losses

Oil rebounded on Wednesday from recent heavy falls but all eyes remained on Syria after US President Barack Obama asked Congress to delay voting on US military action.

By (AFP)

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Published: Thu 12 Sep 2013, 11:24 AM

Last updated: Sat 4 Apr 2015, 10:58 AM

Trade was cautious despite Obama’s move and as dealers awaited the latest update on crude stockpiles from the US government’s Energy Information Administration (EIA).

Brent North Sea crude for delivery in October rose $1.02 to stand at $112.27 a barrel in London midday deals. New York’s main contract, West Texas Intermediate for October, added 33 cents to $107.72 a barrel.

The oil market had plunged by more than two dollars on Tuesday, sliding for the second day in a row on easing fears of a possible US military strike on Syria.


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