Crude oil prices rise on bargain-hunting, hopes for stockpile purchases
TOKYO: Oil prices rose on Wednesday as investors looked for bargains after the previous session’s slump and on hopes that consuming countries will look to fill their strategic reserves, although oversupply fears and warnings of a deep recession capped gains.
Brent futures were up 38 cents, or 1.3 per cent, at $29.98 a barrel as of 0201 GMT, after falling 6.7 per cent on Tuesday.
US West Texas Intermediate crude rose 36 cents, or 1.8 per cent, at $20.47, having crashed 10.3 per cent in the previous session.
