Oil prices rebound on less than expected build in stocks

Wednesday, March 30, 2016 - 12:30 (EEST) Section: Latest news

Oil futures rebounded in Asian trade on Wednesday, buoyed by a less than expected build in crude oil stockpiles last week, Reuters reported.
A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains, according to Reuters.
Brent futures LCOc1 climbed 28 cents to $39.42 a barrel as of 0547 GMT after settling down $1.13 in the previous session.
U.S. crude CLc1 rose 38 cents to $38.66 a barrel after ending the previous session down $1.11, according to the report.
Oil prices fell about 3% in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as major oil producers are considering agreeing on an output freeze, the report notes.
”There`s a little bit of steadying in oil prices in the Asian time zone. The predominant attitude is one of wait-and-see until the Energy Information Administration (inventory) figures come out,” said Ric Spooner, chief market analyst at Sydney`s CMC Markets.
It is also reported that OPEC member Iran is expected to attend an oil producers meeting in Doha on April 17 to discuss the freeze on global oil production, although it may not take part in the discussions, a source familiar with Iranian thinking said on Tuesday.