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1st LD Writethru: Oil prices rally as traders buy the dip

Xinhua, January 22, 2016 Adjust font size:

Oil prices bounced up Thursday as traders started to buy after heavy sell-off.

Persistent oversupply, bloated inventories and a slew of negative economic news pressured prices pressured crude oil to 12-year lows Wednesday.

Despite negative crude data came out Thursday, traders bought the dip as oil prices touched the lowest level since May 2003.

U.S. crude production added 8,000 to 9.235 million barrels a day last week, according to the weekly report of the U.S. Energy Information Agency (EIA) Thursday.

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

U.S. crude supplies of last week gained 4 million barrels to 486.5 million barrels, 88.7 million barrels more than one year before, according to EIA's report.

The West Texas Intermediate for March delivery moved up 1.18 U.S. dollars to settle at 29.53 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.37 dollars to close at 29.25 dollars a barrel on the London ICE Futures Exchange. Endit