Oil prices rebounded slightly Thursday after tanking the previous day, but gains were capped by US stockpiles data and the prospect of rising output in Libya and Nigeria, dealers said.

At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel.

Brent North Sea crude for November delivery won 32 cents to $46.17 compared with the close on Wednesday.

The market had tumbled Wednesday after the US Energy Information Administration said gasoline and distilled products inventories rose last week, overshadowing news of a surprise fall in crude supplies.

Later Wednesday, Libya’s National Oil Corporation said it would double production within four weeks after it was handed control of crucial ports that had been seized by forces loyal to the country’s rival administration.

The news from Libya — which has Africa’s largest oil reserves — fanned long-standing worries about a global supply glut and overproduction that have hammered prices for more than two years.

At the same time, Nigeria — which is the African continent’s biggest crude producer — appears set to also increase its oil exports, traders said.

sarrki:
Good news

sarrki:
Good news

At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel.

Brent North Sea crude for November delivery won 32 cents to $46.17 compared with the close on Wednesday.

bejeiodus:
There is nothing good about the news. Nigeria and Libya are about to increase their oil output soon. This will drive down the price of crude oil. OPEC should just give each member nation a production quota. That is the best way to halt the dwindling oil price.

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StephanieLuv:



Even when Oil rises to $100 a barrel they will still blame the past government.




Why i respect Aba boys is that they can turn nothing into some thing in a short period of time that's why majority of them are doing well.




I swear Aba Trader will handle our economy more than the current team, no wonder they were pleading for the help of Igbos to move the nation forward.

blueseacats:
Can't believe we are still waiting for oil to rise instead of building an economy independent of it.

bejeiodus:
There is nothing good about the news. Nigeria and Libya are about to increase their oil output soon. This will drive down the price of crude oil. OPEC should just give each member nation a production quota. That is the best way to halt the dwindling oil price.