Oil prices rebounded yesterday (8 April 2009) reversing earlier falls as traders digested less than expected increase in US Crude reserves and rebounding Wall Street shares.
New York's main futures contract, light sweet crude for May delivery, added 69 cents to reach $49.84 a barrel.
London's Brent North Sea oil for May delivery clawed back $1.21 to $52.43 a barrel.
Amercian crude oil investories jumped 1.6 million barrels in the week ending April 3. Analysts had expected a gain of 1.9 million barrels. However, crude oil stocks in the United States remain at their highest level since 1993 amid a deep recession.
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