Oil rebounds after prior session's slide; glut worries persist | Reuters

Oil rebounds after prior session's slide; glut worries persist | Reuters:

Oil prices rose about $1 a barrel a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.

Brent crude LCOc1 futures gained 95 cents to settle at $63.48 a barrel, up 1.52 percent. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.20 to settle at $54.63 a barrel, a 2.25 percent gain.

U.S. crude stocks USOILC=ECI rose 4.9 million barrels last week, the Energy Information Administration said, a larger-than-expected increase. Crude inventories have risen for nine straight weeks, the longest streak since March 2017.