U.S. oil prices up after sharp drop in fuel stocks | Reuters:
Oil prices rose modestly on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured a seasonal increase in refining demand.
However, traders remain concerned about worldwide demand, and that weakness in global equities would also reduce buying of assets like oil by investment managers. On Tuesday, oil prices slumped 5 percent on concerns about a weaker economic outlook.
Looming U.S. sanctions on oil exporter Iran have helped support prices.
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