Oil prices bounce back

NEW YORK: Oil prices rose for the first time in three days yesterday ahead of the US weekly inventory data, following news of Saudi supply cuts to Asia.

But traders said persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.

After both Brent and US crude futures settled at their lowest levels in a month on Tuesday, Brent was up 65 cents, or 1.2%, at US$54.29 (RM243) a barrel by 1503 GMT. US West Texas Intermediate rose 56 cents, or 1.1%, to US$51.38 per barrel.

At their lows on Tuesday, both benchmarks surrendered about 40% of the gains made between late November and early January following the Organisation of the Petroleum Exporting Countries’ agreement to cut output. – Reuters