Oil prices rebounded slightly Thursday after tanking the
previous day, but gains were capped by US stockpiles data and the
prospect of rising output in Libya and Nigeria, dealers said.
At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel.
Brent North Sea crude for November delivery won 32 cents to $46.17 compared with the close on Wednesday.
The
market had tumbled Wednesday after the US Energy Information
Administration said gasoline and distilled products inventories rose
last week, overshadowing news of a surprise fall in crude supplies.
Later Wednesday, Libya’s National Oil Corporation said it
would double production within four weeks after it was handed control of
crucial ports that had been seized by forces loyal to the country’s
rival administration.
The news from Libya — which has
Africa’s largest oil reserves — fanned long-standing worries about a
global supply glut and overproduction that have hammered prices for more
than two years.
At the same time, Nigeria — which is
the African continent’s biggest crude producer — appears set to also
increase its oil exports, traders said.
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