Oil edges back from 6% fall, but outlook weak

Oil prices rose more than a percent on Thursday, clawing back a part of the 6 percent slump in the previous session that was triggered by a shock jump in US crude inventories and record Saudi output, although analysts said sentiment remained bearish.



A 10.95 million-barrel surge in US crude stockpiles to 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day in March had battered crude futures on Wednesday.



Brent crude was up 62 cents at $56.17 a barrel by 0236 GMT, while US crude rose 64 cents to $51.06 a barrel. Both benchmarks dropped around $3.50 on Wednesday.



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Posted in: Indian Market Tips