Oil is edging up after hitting a seven-week low on Tuesday and recording its biggest one-day percentage loss of the year following Chinese slowdown fears and a further rise in US crude inventories.
The front month contract for Brent North Sea crude oil was last seen changing hands at USD 120.16/bbl on the Ice platform, up USD 0.28 on Tuesday's close.
On Nymex, the WTI front month contract last traded USD 0.30 firmer at USD 101.33/bbl.
"Prices are just correcting up after the big drop in the previous session,” one Singapore-based trader said,
Mittwoch, 11.04.2012, 08:27 Uhr
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