Brent crude oil rebounds after hitting 5-year low

London

BRENT crude oil hit a fresh five-year low on Tuesday before rebounding to near US$67 a barrel, as some buyers emerged in the hope that prices are bottoming following a more than 40 per cent slide since June.

Fast-growing US shale output has hurt the ability of the Organisation of the Petroleum Exporting Countries (Opec) to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year.