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Oil prices rebound after plunge

Xinhua, October 23, 2015 Adjust font size:

Oil prices slightly bounced up Thursday after Wednesday's sharp losses.

Global equities traded higher Thursday after the European Central Bank left interest rates unchanged. The rising stocks boosted the sentiment of oil market.

Oil prices dived Wednesday as U.S. crude output increased more than expected.

U.S. crude supplies of last week gained 8 million barrels to 476.6 million barrels, 98.9 million barrels more than one year before, according to the weekly report of Energy Information Administration issued Wednesday.

The technical meeting of crude producers was held in Vienna, Austria, Wednesday. Media reported that delegates from the Organization of Petroleum Exporting Countries and non-OPEC did not discuss the production limits or price targets.

The West Texas Intermediate for December delivery moved up 18 cents to settle at 45.38 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 23 cents to close at 48.08 dollars a barrel on the London ICE Futures Exchange. Endit