Oil Up in Asia but Prices Under Pressure by Supply Glut

Oil prices rebounded in Asia Thursday (November 5) after tanking in the previous session; but the market remains under pressure by a global crude oversupply.

Prices were hammered Wednesday (November 4) after data showed that commercial crude inventories in the United States, the world’s top oil consumer, rose in the week to October 30.

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Source: The Manila Bulletin

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