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- Oil prices rebounded slightly
Oil prices rebounded slightly
West Texas Intermediate futures for December delivery are currently at $46.40 (+0.17%), while Brent crude is at $48.72 (+0.29%) after sharp drops on Wednesday, which were triggered by data from the Energy Information Administration. An official report said that U.S. crude oil inventories rose by 2.8 million barrels to 482.8 million barrels last week. However, more U.S. refineries are returning to work after seasonal maintenance downtime. U.S. refineries operated at 88.7% capacity compared to 87.6% in the previous week. Nevertheless fundamentals remain unfavorable due to the ongoing oversupply issue.
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