Crude oil prices are higher for the first time in seven sessions Wesnesday morning, as buyers stepped in after futures dropped below $30 for the first time in 12 years.
WTI light sweet crude oil was up 60 cents at $31 a barrel on the New York Mercantile Exchange, having fallen as low as $29.33 yesterday.
Prices have collapsed amid overproduction, dwindling demand, and a strong US dollar.
American Petroleum Institute estimates a surprising 3.9 million barrel decrease in U.S. crude stocks last night.
The Energy Information Administration will release official U.S. inventory figures later Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com