Oil snaps 3-day slide in rebound to US$30

Hong Kong

OIL snapped a three-day losing streak, rebounding from a close below US$30 for the second time in less than a week.

Futures climbed as much as 3.1 per cent in New York after dropping 3.9 per cent on Monday. Inventories probably rose by 3.2 million barrels last week, according to a Bloomberg survey before an Energy Information Administration (EIA) report on Wednesday.

The global oil surplus will be bigger than previously estimated in th…