Oil rebounds ahead of US inventory data

LONDON (AFP) - Oil prices climbed almost two dollars on Wednesday, continuing a roller-coaster ride, as the market awaited data on the health of US energy inventories.

New York’s main contract, light sweet crude for November delivery, jumped 1.84 dollars to 108.45 dollars a barrel.

Brent North Sea crude for November gained 1.52 dollars to 104.62 dollars.

Prices “were trading higher on expectations the weekly (US) fuel inventories report ... will show sharp falls in fuel stocks, which overshadowed concerns over weaker demand amid slowing economies,” said Sucden analyst Nimit Khamar. The US government will publish its stockpiles data at 1430 GMT.

Oil prices tumbled almost three dollars Tuesday on profit-taking, a day after New York crude had registered its biggest ever one-day price jump.