6/13, 8:22 AM (Source: TeleTrader)
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Oil reverses some losses after 4% plunge

Crude prices reversed some of the losses on Thursday, trading in the green after plunging around 4% during the previous session on the reported jump in United States crude inventories. Investment incentives in the oil market fell sharply on Wednesday after the US Energy Information Administration (EIA) said in the country's oil stockpiles unexpectedly surged by 2.2 million barrel last week.

However, market watchers regained some confidence in the oil market amid hopes that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers will extend the output cut deal in their ongoing efforts to stabilize the crude markets.

West Texas Intermediate for July delivery rose 0.70%, changing hand for $51.45 per barrel at 2:09 am ET while the international benchmark Brent for settlements in August traded above $60 per barrel mark, adding 1.17% to go for $60.66 per barrel at 2:10 am ET.

Breaking the News / VK