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Oil prices rally more than 2% after slump
But analysts say market sentiment remains bearish
Add BT as a preferred sourcePublished Thu, Apr 9, 2015 · 09:50 PM
London
OIL prices rallied more than 2 per cent on Thursday, clawing back part of a 6 per cent slump triggered by a jump in US crude inventories and record Saudi output, although analysts said sentiment remained bearish.
A 10.95-million-barrel surge in US crude stockpiles to an all-time high of 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day (bpd) in March battered crude on Wednesday.
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