Oil rebounded sharply on Thursday from three-month lows hit earlier this week, with prices up nearly 3% as China's collapsing stock market steadied and oil traders remained uncertain about negotiations for a nuclear deal that will allow Iran to export more crude.
Bets of strong gasoline demand through the US summer driving season fueled some of the rally. Gasoline prices gained more than 2%.
"We're up on a host of headlines and the natural rebound that follows a massive sell-off," said Donald Morton, who runs an energy-trading desk at investment bank Herbert J. Sims & Coin in Fairfield, Connecticut.
Brent crude settled up $1.56, or 2.7%, at $58.61 a barrel. On Monday, Brent hit a three-month low of $55.10.
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Bets of strong gasoline demand through the US summer driving season fueled some of the rally. Gasoline prices gained more than 2%.
"We're up on a host of headlines and the natural rebound that follows a massive sell-off," said Donald Morton, who runs an energy-trading desk at investment bank Herbert J. Sims & Coin in Fairfield, Connecticut.
Brent crude settled up $1.56, or 2.7%, at $58.61 a barrel. On Monday, Brent hit a three-month low of $55.10.
Click Here To Register For Free Trial Services OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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