Oil prices rebounded sharply on Wednesday
Buz Investors Oil prices rebounded The commodity is trading at $48.54 per barrel at 09:40 GMT this morning, marginally lower from the New York close. Crude oil witnessed a high of $48.87 per barrel and a low of $48.32 per barrel during the session. In the New York session yesterday, crude oil rose 1.89% to close at $48.56 per barrel, after the API reported a surprise drop of 0.53 million barrels in the US crude stockpiles to 526.3 million barrels last week. However, gains in oil prices were capped, after the OPEC indicated a rise in global crude stocks and reported that Saudi Arabia boosted crude output in February. Immediate downside, the first support level is seen at $47.46 per barrel, while on the upside, the first resistance level is at $49.24 per barrel.
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Oil prices rebounded
OPEC indicated a rise in global crude stocks and reported that Saudi Arabia boosted crude output in February
Oil prices rebounded sharply on Wednesday, following seven consecutive days of losses after the US data showed an unexpected fall in oil inventories. The US crude increased 1.8% to $48.7 a barrel and the Brent crude was up 1.6% to $51.7 a barrel around 10:45 AM London time. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
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