Oil prices rebound after closing at seven-week low

REUTERS - Oil prices rose yesterday, rebounding from three days of losses that took prices to their lowest since mid-March.

Brent crude futures for July gained 58 cents, or 0.7 percent, to US$ 84.02 a barrel by 1130 GMT. U.S. 
West Texas Intermediate (WTI) crude for June was up 47 cents, or 0.6 percent, at US$ 79.47.
Prices fell more than 3 percent to a seven-week low on Wednesday after the U.S. Federal Reserve kept interest rates steady and warned of stubborn inflation, which could curtail economic growth this year and limit oil demand increases.

Crude was also pressured by an unexpected increase in U.S. crude inventories in data from the Energy Information Administration (EIA). Inventories were shown at their highest since June.
Crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with the 1.1 million barrel draw expected by analysts in a Reuters poll.

While OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts beyond June, three sources from OPEC+ producers said such an extension could be agreed if demand fails to pick up.