Oil Rebounds from 16-Week Lows

Oil prices rose on Thursday, snapping a three-day losing streak and rebounding from 16-week lows. Brent Crude futures gained 15 cents, or 0.2%, to US$65.50 a barrel. US West Texas Intermediate crude climbed by 14 cents, or 0.2%, to US$61.92 a barrel.

On Wednesday, Brent and WTI both lost about 1%, with Brent closing at its lowest since June 5 and for WTI since May 30. Crude inventories rose by 1.8 million barrels to 416.5 million barrels in the week ended on September 26.