LONDON—Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses.
Brent crude futures rose $1.46, or 1.4 percent, to $108.71 a barrel by 1139 GMT.
The front-month WTI crude futures contract, which expires on Wednesday, rose $1.50, or 1.5 percent, to $104.06 while the second-month contract gained $1.52 to $103.57.
The two main benchmarks had fallen by 5.2 percent in volatile trading on Tuesday after the International Monetary Fund (IMF) cut its forecast global growth forecast by nearly a full percentage point, citing the economic impact of Russia’s war in Ukraine and warning that inflation had become a “clear and present danger” for many countries.
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