Oil prices rebounded on Thursday in Asia after plunging almost 5% overnight on rising crude stockpiles.
U.S. Crude Oil WTI Futures jumped 3.1% to $52.69 by 1:08 AM ET (05:08 GMT), while International Brent Oil Futures gained 2.9% to $57.88.
Oil prices were supported today by reports of possible producer actions to prop up oil markets.
Citing an unnamed official from Saudi Arabia, Bloomberg said the world's top exporter contacted other producers and is in talks to take action to halt the slide in prices.
Oil prices slumped overnight after the U.S. Energy Information Administration (EIA) reported in its weekly oil inventory dataset that crude stockpile rose by 2.39 million barrels in the week to August 2.
Source : Investing.com