Oil prices rebounded slightly on Thursday morning in Asia trading after falling to multi-month lows earlier on the back of a sudden rise in inventories that signaled a fall in U.S. demand.
What Happened: U.S. crude inventories rose by 4.5 million barrels to 426.6 million barrels in the week ended July 29, according to the Energy Information Administration (EIA). Gasoline stocks also recorded a surprise build as demand faltered.
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures increased by 926,000 barrels during the week, Reuters reported.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.