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Oil prices rebound after sell off

Xinhua, January 15, 2016 Adjust font size:

Oil prices bounced up Thursday following sharp decline as traders bought the dip.

Oil prices have fallen about 18 percent since the beginning of this year as market expected the supply to surpass demand.

The Organization of the Petroleum Exporting Countries (OPEC) decided to keep crude production pumping at current level in the already oversupplied market.

The 13-member OPEC took no action to shore up the market and decided against cutting output. The cartel's output accounts for around 40 percent of the global crude output.

Thanks to the U.S. shale oil revolution, American oil production has almost doubled in the past six years.

U.S. crude production added 8,000 to 9.227 million barrels a day last week, according to the weekly report of the U.S. Energy Information Agency (EIA) Wednesday.

The West Texas Intermediate for February delivery moved up 72 cents to settle at 31.2 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery increased 72 cents to close at 31.03 dollars a barrel on the London ICE Futures Exchange. Endit