Oil prices rebounded on Thursday, mirroring positive sentiment across equity markets, a day after crude had struck multi-month low points.
Brent North Sea crude for delivery in December jumped $1.17 to $109.02 per barrel in London afternoon deals.
New York’s main contract, light sweet crude for December added 87 cents to $86.60 a barrel.
“Crude oil prices rebounded from yesterday’s losses… tracking gains in the global equity markets,” said Sucden Financial Research analyst Myrto Sokou.
Stock markets won support on Thursday a day after the US Federal Reserve said it would keep its loose monetary policy in place until there was stronger evidence that the world’s biggest economy was back on its feet.
Official data published Thursday showing Britain had powered out of recession in the third quarter also lent support.
Global oil prices had fallen on Wednesday as news of surging US crude supplies and weak European economic data sparked fresh concerns over weak energy demand, traders said.
Brent had hit $106.80 a barrel — a nadir since early August — and New York reached $84.94 to record its lowest point since mid-July.
Prices meanwhile won some support from data on Wednesday showing a slight pick-up in China’s manufacturing sector.
Oil prices rebound
