Oil prices rebounded sharply after a surprisingly sharp drop in US stocks, as reported by the American Petroleum Institute, taking the market by surprise.
At around 8.50 am, U.S. oil futures were up 2.3% to $ 39.16 a barrel, while the international benchmark contract Brent was up 2.15% to $ 41.40.
The API estimated that US oil stocks fell 9.5 million barrels last week, confounding expectations for an increase of 2 million barrels. If corroborated at 11:30 am by government data, it could ease some of the worst fears about a faltering recovery in global fuel demand.
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