Oil prices rebounded on Thursday

International benchmarks for oil prices rebounded from two months low Thursday (14 July) as weaker US dollar shrugged off the bearish sentiment. Market directed attention to Bank of England’s indication of fresh economic stimulus and a fall in US production output this year for sign of positive demand growth. Meanwhile, pessimistic traders reported seeing signs of slower demand as data from China show foreign crude imports dropped to a five-month low in June while global inventories of crude oil and refined products held by developed nations are at a record high.

WTI closed at $45.68/barrel (+$0.93) August delivery

Brent closed at $47.37/barrel (+$1.11) September delivery