Oil prices rose on Thursday in a volatile trade wherein WTI rose by 4.2 and Brent rose by 4.4 percent respectively. Prices rose on increasing violence in producer Libya and an expected boost in oil demand from China’s central bank easing helped the market rebound from a sharp rout in the previous session.
Brent fell nearly 7 percent and WTI 9 percent on Wednesday after the U.S. government said crude stocks rose 6.3 million barrels last week to record highs above 413 million. The stockpile jump cut short a four-day rally that had sent crude prices up nearly 20 percent after a slump in the number of U.S. oil drilling rigs
On the MCX, oil prices rose by 4 percent and closed at Rs.3187/bbl.
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