TOKYO (Reuters) – Brent crude rose more than $ 1 on Thursday, regaining some ground after its biggest one-day drop in two years in the previous session on news that Libya would resume oil exports and commercial tensions between the US UU And China.
The LCOc1 crude BCO rose $ 1.31, or 1.8 percent, to $ 74.71 for 0242 GMT after plummeting 6.9 percent on Wednesday.
U.S. West Texas Intermediate (WTI) CLc1 added 42 cents, or 0.6 percent, to $ 70.80, after falling 5 percent in the previous session.
"The markets in Asia are much more established today," said Greg McKenna, chief market strategist at AxiTrader in Sydney.
"Movements, similar to those we saw in Brent and, to a lesser extent, WTI, last night are often followed by some kind of rebound the next day or session," he said.
The announcement by Libya's National Petroleum Corporation that four export terminals were being reopened, ending a confrontation that had closed off most of Libya's oil production, was one of the catalysts of a correction , according to badysts.
The reopening allows the return of up to 850,000 barrels per day of crude in international markets, while an escalation in trade between the US. UU And China has generated concern about the demand.
The oil had some support news on Wednesday that the US crude oil reserves fell by almost 13 million barrels last week, the largest amount in almost two years, dropping the total crude stocks to their highest point low since February 2015.
overall inventories were due in part to a drop in inventories in Cushing, Oklahoma, USOICC delivery center = ECI for US crude futures, which fell by 2.1 million of barrels.
"For WTI, the tightness in Cushing is favorable in July and August," said Virendra Chauhan, oil badyst at Energy Aspects in Singapore.
The supply to the US market UU It has also been reduced by the loss of some Canadian oil production.
Report by Aaron Sheldrick; Edition by Joseph Radford and Richard Pullin