The Brent oil price recovered some lost ground overnight to trading up 1.5% at $60.39 as I write. Reuters has texture:
Oil rebounded on Tuesday from the previous session’s tumble, lifted by fighting that threatened Libya’s oilfields, although U.S. crude struggled to hold to gains due to record crude inventories.
Higher prices imposed by Saudi Arabia for its crude buyers in Asia, the U.S. and northwest Europe did not immediately boost benchmark Brent and U.S. oil futures, although some traders saw the move as supportive.
