Oil prices rebound

AFP

By our correspondents
March 14, 2015
Singapore
Oil prices climbed in Asia on Friday as news of a deal to end a strike at United States refineries helped reverse losses that had been fuelled by another leap in the US inventories.
US benchmark West Texas Intermediate (WTI) rose 13 cents to $47.18 and Brent climbed 16 cents to $57.24 in afternoon trade.
West Texas Intermediate sank $1.12 in New York and Brent tumbled 46 cents in London on Thursday after a government report showed surging US stockpiles, adding to a global oversupply.
The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma — the price settlement point for WTI — also increased.
Bloomberg News reported the United Steelworkers union representing 30,000 US oil workers had reached a tentative deal on a four-year contract with Royal Dutch Shell that could see a mass walkout brought to a close.