Oil prices rose on Thursday as investors were encouraged by a strong rebound in the U.S. stock markets.
U.S. stocks suffered big losses Wednesday, with the Dow Jones Industrial Average sinking over 600 points, which raised concerns that a possible slowdown in global economic growth could reduce oil demand.
However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent.
Meanwhile, traders kept a close eye on U.S. sanctions on Iranian crude exports, due to kick in from Nov. 4.
The West Texas Intermediate for December delivery increased 0.51 U.S. dollar to settle at 67.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 0.72 dollar to 76.89 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
