Melbourne — Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of US output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana.
“The increase in volatility is attractive to traders. That proximity to the $37 support is one of the factors at play today,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking. Data from the US Energy Information Administration on Wednesday provided evidence of the growing glut: US crude stockpiles rose by 4.3-million barrels in the week to October 23, a much bigger increase than expected.
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