Oil prices rebound, snaps eight-day rout

Oil prices rebounded on Thursday, snapping an eight-day rout, as some players covered short positions after crude prices plumbed new 12-year lows amid concerns over Iran adding to a global glut faster than expected.

Brent earlier broke below $30 a barrel for a second day in a row before rebounding, as a UN nuclear watchdog appeared likely to confirm by Friday that Iran has curtailed its nuclear program, paving way for sanctions to be lifted against oil. With options for US crude’s front-month contract expiring at Thursday’s settlement, many players were covering positions.


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Posted in: Indian Market Tips