WASHINGTON (dpa-AFX) - Oil prices rebounded on Thursday, after having fallen to a nine-month low on worries about the demand outlook.
Benchmark Brent crude futures climbed 1.2 percent to $73.55 a barrel, while WTI crude futures were up 1.1 percent at $69.97.
Both contracts have plunged by more than 10 percent since their recent highs on 27 August, following a string of weak economic data from both the U.S. and China.
Oil prices received some support today as industry data pointed to falling stockpiles and reports emerged that major producers might postpone a planned output increase for next month.
Data from the American Petroleum Institute (API) indicated that inventories in the United States fell by a staggering 7.431 million barrels for the week ending August 30, significantly surpassing expectations of a far smaller 900,000-barrel decline.
The Energy Information Administration (EIA) is set to publish its weekly U.S. oil inventory data later in the day.
Meanwhile, Reuters reported citing sources that OPEC+ is discussing delaying an oil output increase scheduled to start in October.
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