FXStreet (Mumbai) – Oil prices at both the sides of the Atlantic strengthened on Wednesday, but gains remain capped on fears of supply glut.
Prices rebounded from the two-month low. At the time of writing, WTI oil was up 60 cents at USD 43.80/barrel. Brent futures were up 40 cents at USD 47.23/barrel.
Prices fell sharply yesterday after the industry group American Petroleum Institute said US inventories rose for the fifth straight week, by 4.1 million barrels last week. The traders now await the US government inventory data.
Currently, the inventory in the US is near levels not seen for this time of year in at least the last 80 years.
(Market News Provided by FXstreet)