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1st LD Writethru: Oil prices rebound after heavy selloff

Xinhua, August 26, 2015 Adjust font size:

Oil prices bounced Tuesday as traders bought the dip after prior day's sharp decline.

The People's Bank of China (PBOC), China's central bank, announced on Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates.

As the world's important oil consumer, the market was cheered by China's move. The cut was described in a PBOC statement as "promoting restructuring" to "stabilize the real economy".

U.S. economic data also helped to boost the price. U.S. consumer confidence for August came in at 101.5, up from 91.0 in July, according to the New York-based research group Conference Board Tuesday.

The U.S. Energy Information Administration (EIA) Wednesday will publish its report on crude data of last week.

The West Texas Intermediate for October delivery moved up 1.07 U.S. dollars to settle at 39.31 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 52 cents to close at 43.21 dollars a barrel on the London ICE Future Exchange. Enditem