Oil prices rebound

After dipping on Wednesday, oil prices rebounded earlier today as traders refocused their attention on signs of supply tightness, brushing aside the Fed’s latest rate hike.

Brent crude was trading above $83 per barrel and West Texas Intermediate was changing hands at close to $80 per barrel.

This followed a decline in prices on Wednesday after the Energy Information Administration reported modest draws in crude oil and fuel inventories while analysts had expected more substantial declines.

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.

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