Oil prices are rebounding after falling as low as $76 U.S. per barrel, the lowest level since January of this
year.
The recovery in oil prices is being aided by a pause in the U.S. dollar’s rally.
West Texas Intermediate (WTI) crude oil is up near $78 U.S. a barrel after sinking more than 8% over the
previous two trading sessions.
WTI crude oil is on track for its first quarterly loss in more than two years on concerns that energy
consumption is starting to decline around the world.
Some energy traders have said that the slump in oil prices may cause the Organization of Petroleum
Exporting Countries (OPEC) to lower supply in coming months.
Brent crude oil, the international standard, rose 1.6% to $85.38 U.S. per barrel.
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