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Oil recoups some losses, but gains seen as short lived

Published 22/10/2015, 12:55
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Investing.com - Oil futures recouped some of the prior day's sharp losses on Thursday, but gains were limited as oversupply concerns remained a factor for oil markets.

U.S. crude was up 38 cents, or 0.8%, at $45.58 a barrel by 1010 GMT while Brent rose 38 cents, or 0.8%, to $48.23 a barrel.

Oil fell to three-week lows on Wednesday after the U.S. Energy Information Administration said that crude inventories rose by 8.0 million barrels last week, more than doubling analyst expectations for a crude-stock rise of 3.9 million barrels.

The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.

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