Investing.com – Oil prices bounced back on Monday’s after the sharp decline in the previous session, U.S. crude’s worst slump in about three years, but did little to recover lost ground as worries over waning demand and increasing stockpiles continued to pummel prices.
New York-traded jumped $1.68, or 3.33%, at $52.10a barrel by 10:22 AM ET (15:22 GMT).
Meanwhile, , the benchmark for oil prices outside the U.S., traded up $1.94, or 3.29%, to $60.98.
U.S. crude fell around 7% on Friday, extending its losses to more than 30% from the four-year high reached just last Oct. 3.
Investors remain concerned that a global economic slowdown will dampen demand even as key producers – mainly the U.S., Saudi Arabia and Russia – continue to ramp up production.
The U.S. Energy Information Administration reported last week that domestic crude supplies rose by 4.9 million barrels, up for a ninth straight week, while U.S. output held at a record high of 11.7 million barrels per day.
The Organization of the Petroleum Exporting Countries is reportedly planning to push for production cut of 1 to 1.4 million barrels per day when it holds its official meeting in Vienna, Austria on Dec. 6, but the well-telegraphed plans have done little to establish a floor under prices.
In other energy trading, surged 4.06% to $1.43.19 a gallon by 10:24 AM ET (15:24 GMT), while advanced 1.77% to $1.9033 a gallon.
Lastly, traded down 3.77% to $4.191 per million British thermal units.
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Source: Investing.com
