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Reuters
Oil rebounds on weaker dollar; economy concerns cap upside
SINGAPORE (Reuters) -Oil prices rebounded on Thursday amid dollar weakness and as investors emerged to buy dips after two sessions of steep losses, though economic concerns capped recovery. Brent crude futures had climbed 75 cents, or 1.0%, to $78.59 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude futures rose 77 cents, or 1.1%, to $73.61 a barrel. “Coming after the heavy sell-off since the start of the week, it seems that oil prices are attempting to tap on some weakness in the U.S. dollar this morning for some reprieve,” said Jun Rong Yeap, market strategist at IG.
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