Oil claws back some losses after 6-pct plunge, but outlook still weak | Reuters

Oil claws back some losses after 6-pct plunge, but outlook still weak | Reuters:

Oil bounced by more than 1 percent on Wednesday to claw back some of the previous day’s 6-percent plunge, lifted by a report of an unexpected decline in U.S. commercial crude inventories and record Indian crude imports.

But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.

International Brent crude oil futures LCOc1 were at $63.39 per barrel at 0747 GMT, up $86 per barrel, or 1.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1, were up 90 cents, or 1.7 percent, at $54.33 a barrel.