Doha: Oil prices rose on Thursday, snapping a three-day losing streak and rebounding from 16-week lows. Brent crude futures increased by 15 cents, or 0.2%, reaching $65.50 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude climbed by 14 cents, or 0.2%, to settle at $61.92 a barrel.
According to Qatar News Agency, both Brent and WTI had suffered losses of about 1% on Wednesday. This decline saw Brent closing at its lowest since June 5 and WTI at its lowest since May 30. This recent reversal in prices comes amid growing concerns over crude inventories, which rose by 1.8 million barrels to 416.5 million barrels in the week ending on September 26.