World Business
Oil rebounds 2% on surprise draw in supply
(Xinhua)
Updated: 2010-04-15 10:38
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NEW YORK - Oil prices stripped a five-day losing streak and rebounded to above $85 on Wednesday as US crude inventory surprisingly fell last week.
Light, sweet crude for May delivery gained $1.79 to settle at $85.84 a barrel on the New York Mercantile Exchange. Crude futures rose to as high as $86.39 a barrel during trading.
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Oil prices began to move upward even before the inventory report as strong earnings results and retail sale data reassured investors' confidence in a slow yet steady economic recovery.
In London, Brent crude for May delivery rose $1.44 to $86.16 a barrel on the ICE Futures Exchange.
