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Oil prices extend gains on short-covering

Xinhua, August 5, 2016 Adjust font size:

Oil prices reversed early losses to end sharply higher Thursday, as traders thought that the slide into a bear market was overdone.

The benchmark rose out of technical bear market Thursday, after sinking more than 20 percent from its June high in recent days as overproduction and large stockpiles of crude weighed on markets.

U.S. crude output fell by 55,000 barrels a day to 8.46 million a day in the week ended July 29, the Energy Information Administration said Wednesday in its weekly report.

The Institute of International Finance (IIF) believed that oil markets are moving slowly toward balance through a moderating increase in global supply and a steady increase in demand. IIF expects oil prices to stay between 40 U.S. dollars a barrel to 50 dollars a barrel through end-2017.

The West Texas Intermediate for September delivery rose 1.10 dollars to settle at 41.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 1.19 dollars to close at 44.29 dollars a barrel on the London ICE Futures Exchange. Endi