MUSCAT/LONDON: Oil bounced above $63 a barrel on Wednesday to claw back some of the previous day’s 6 per cent plunge, lifted by a report of an unexpected decline in US crude inventories. The American Petroleum Institute (API) said on Tuesday that US crude stocks last week fell by 1.5 million barrels, easing concerns for now that a supply glut is building up. “The move yesterday was extremely sharp; after such moves you expect to have some rebound,” said analyst at Petromatrix. Dubai Mercantile Exchange (DME) said that the price of Oman crude oil for January delivery reached $63.27. The DME statement said that the price of Oman oil on Wednesday declined $2.85 from the price of Tuesday, which was $66.12. Brent crude was up 66 cents to $63.19 per barrel. — Agencies
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