West Texas Intermediate crude oil trades up 2.1%, or $0.98, at $48.70 per barrel. Wednesday's rise comes following the International Energy Agency's latest commentary on the state of the oil market and has the energy component on track to snap its six-day skid.
ADVERTISEMENT
Oil is bouncing back but the glut that crushed prices isn't going away
Oil is on track to end its six-day skid.
ADVERTISEMENT
The oil market has seen an avalanche of bad news weigh on prices over the past several days, pushing prices down to their lowest level since November 30. Last week, the Department of Energy's inventory data showed US inventories swelled to record levels. On Tuesday, Saudi Arabia said it increased production, but that it remained below its 10.058
However, in Wednesday's report, the IEA says record US inventories should not come as a surprise as it
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
The US loses to Russia and China in popularity across Africa
Top 10 most valuable South African brands in 2024
Africa's giants play tug of war for the top economic spot
Morocco is making giant strides to become Africa's aviation manufacturing hub
Hackers test their ransomwares in less protected regions like Africa before striking richer nations: Report
Top social media platforms used for agriculture in Kenya - Survey
African countries with the fastest-growing military strength in 2024
3 African countries could play host to Russian diplomatic missions