Oil rebounded on Wednesday after a sharp drop in the previous session ended a three-day streak of gains as investors have whipsawed worries about global fuel demand.
Brent crude futures were up 25 cents, or 0.31%, at $79.80 a barrel. US West Texas Intermediate crude futures rose 17 cents, or 0.23%, to trade at $75.70.
Prices are bouncing back from Tuesday’s more than 2% decline, which snapped a three-day streak of gains of more than 7%, as concerns about low refinery profit margins weighed on expectations for fuel demand amid data showing global consumption growth has been lower than forecast this year.
Source: Qatar News Agency