Crude Oil prices rebounded on Wednesday after two straight days of decline and rose more than 2 percent, on getting strong manufacturing data from US and China, reviving risk appetite, also the dollar weakened against a basket of other currencies. Though the US Energy Information Administration (EIA) data showed crude oil stockpiles rose 3.43 million barrels last week, more than expected, but the US manufacturing sector grew faster than expected in August and relieved the concern about tepid oil demand.
Oil rebounded after the U.S. Coast Guard reported the blast, which occurred 90 miles (145 kilometers) off the Louisiana coast. The Obama administration instituted a temporary moratorium on deep-water oil and gas drilling in the Gulf on May 27 in reaction to a BP Plc oil spill, the worst in U.S. history.
Meanwhile in a survey, it was shown that OPEC crude oil supply fell in August to the lowest since November 2009 as reduced supplies from Nigeria, the United Arab Emirates and Iraq offset increased output in Angola.
Benchmark crude for October delivery rose $1.99, or 2.77 percent, to settle at $73.91, after trading in a range of $71.67 to $74.48 on the New York Mercantile Exchange.
In London Brent crude for October rose $1.93 to $73.85 on the ICE.
