Oil rebounds on strong US demand

Oil prices rose nearly 2 per cent on Wednesday, recovering from a sharp slide early this week, as data showed relatively strong US demand, and as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude futures were up $1.22, or 1.8pc, at $68.36 a barrel at 12:50pm EDT (1650 GMT), while US West Texas Intermediate crude (WTI) rose $1.25, or 1.9pc, to $65.62, both paring some of the 13pc losses made earlier in the week. After US President Donald Trump announced the ceasefire on Tuesday, Brent settled at its lowest since June 10 and WTI ended at its lowest since June 5 on the reduced Middle East supply risk. Oil prices had rallied after June 13, when Israel launched a surprise attack on key Iranian military and nuclear facilities. Prices hit five-month highs after the US attacked Iran’s nuclear facilities over the weekend.