Oil Prices Rebound From Three-Week Lows

NEW YORK—Oil prices rose Thursday, snapping a three-day streak of losses, as traders looked past near-term signs of oversupply in the market.

Prices fell to near three-week lows Wednesday after U.S. inventory data showed that supplies grew more than expected. Traders who had bet on lower prices might have closed out those positions Thursday, pushing the market higher.

Light, sweet crude for December delivery recently rose 78 cents, or 1.7%, to $45.98 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 73 cents, or 1.5%, to $48.58 a barrel on ICE Futures Europe.

The U.S. Energy Information Administration reported Wednesday that domestic crude oil inventories expanded by eight million barrels last week, more than analysts surveyed by The Wall Street Journal had expected. Total stockpiles of crude oil and refined products in the U.S. are at an all-time high, adding further pressure to the already oversupplied global market. (by Nicole Friedman, WSJ)