LONDON: Global oil prices rebounded gently yesterday, reversing earlier losses on the back of improving economic data in top crude consumer the United States. Brent North Sea crude for delivery in July added 48 cents to stand at $103.97 a barrel in late afternoon London deals. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for July, gained ten cents to $95.98 a barrel.
US retail sales rose percent in May from April, driven by a surge in auto sales, official data showed. In addition, the Labour Department said that initial claims for jobless benefits fell by 12,000 to 334,000 for the week ended June 8. The upbeat data boosted sentiment because the United States is the world’s biggest consumer of oil.
Crude futures had earlier fallen after a surprise uptick in US crude stockpiles. The US Energy Information Administration on Wednesday reported that US crude inventories rose 2.5 million barrels in the week ending June 7, instead of the decline of 400,000 barrels expected by analysts. AFP
