Oil prices rebound on signs of strong US demand

Brent crude futures settled 54 cents higher, or 0.8%, at US$67.68 a barrel, while US West Texas Intermediate crude (WTI) ended up 55 cents, or 0.9%, at US$64.92.

NEW YORK: Oil prices rose nearly 1% 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 settled 54 cents higher, or 0.8%, at US$67.68 a barrel, while US West Texas Intermediate crude (WTI) ended up 55 cents, or 0.9%, at US$64.92, both paring some of the 13% losses made earlier in the week.