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Oil rises $ 1 a barrel after falling 6 percent
Oil rose about $ 1 a barrel on Wednesday, reversing some of the previous six-percent loss, supported by a report of an unexpected drop in US crude oil inventories and India's record crude imports.
But investors remain concerned, with the IEA warning of an unprecedented haze in oil markets due to the difficult economic environment and political risks.
But investors remain concerned, with the IEA warning of an unprecedented haze in oil markets due to the difficult economic environment and political risks.
Brent crude futures for June delivery reached $ 63.60 a barrel, up $ 1.07 or 1.7 percent from the previous close.
West Texas Intermediate crude futures were up $ 1.03, or 1.9 percent, at $ 54.46 a barrel.
The rise comes today after a report by the American Petroleum Institute on Tuesday evening, said that crude oil inventories in the United States fell last week, unexpectedly by 1.5 million barrels to 439.2 million barrels in the week ending November 16.
Traders say India's record crude oil imports, about 5 million bpd, have also supported prices.
However, today's rally has not compensated for the general weakness of the market, with crude falling more than 6% in the previous session as global stock markets sold.
"The world economy is still going through a very difficult period and it is very fragile," said Fatih Birol, director of the International Energy Agency (IEA) on Tuesday.
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