Oil prices gained back ground at midday on Wednesday following Tuesday’s drop, Reuters reported. Prices fell on Tuesday after Saudi Oil Minister Ali al-Naimi dashed hopes that the country would cut production.
As quoted in the publication:
John Kilduff, founding partner at Again Capital, said crude seemed to be bouncing off a technical level just below $31 and drawing support from a mixed bag of U.S. data that showed strong gasoline demand.
Oil futures slightly pared losses in mid-morning trade after government data showed a much smaller build in U.S. crude inventories than an earlier industry report suggested.
U.S. crude stocks rose last week while gasoline inventories fell for the first time since November, data from the Energy Information Administration showed on Wednesday.
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