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Oil prices rebound

Wed, Sep 30, 2015, 09:47 AM
New York, Sep 30: Oil prices bounced back as US consumer data came in better than expected.

The West Texas Intermediate for November delivery moved up 80 cents to settle at $45.23 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 89 cents to close at $48.23 a barrel on the London ICE Future Exchange on Tuesday, Xinhua reported.

The Consumer Confidence Index of US stands at 103.0 for September, well above market consensus of 96.0, according to the New York-based research group Conference Board.

The promising data from the United States, a major crude consumer, helped boost the oil market.

On Wednesday, the US Energy Information Administration will release the inventories data of last week. Traders expected shrinking stockpiles in face of the decreasing rig number.

The number of active US oil-drilling rigs lost four to 640 of last week, according to the oil service company Baker Hughes.
Agency: IANS

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