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Oil declines below $62 a barrel Oil rebounds above $62 a barrel
(about 4 hours later)
Oil has dipped below $62 a barrel, ending four days of gains, as uncertainty over the outlook for energy demand persists. Oil has rebounded above $62 a barrel, buoyed by a positive US housing report.
"I think we could see the market below $60 again next week," said an oil dealer in London. US light, sweet crude rose 60 cents in afternoon trading to $62.62, while Brent crude rose 60 cents at $64.35.
US crude fell 14 cents in morning trading to $61.88, while Brent crude was down 30 cents at $63.45. Oil prices had slipped in early trading on concern that demand in the US - the world's largest energy consumer - may be slowing.
Oil prices have tumbled nearly $10 since early July, partly reversing last quarter's 40% surge. "Then June housing starts came in [at] 3.6%, better than expected, providing a bounce off its lows," said Tom Bentz at BNP Paribas.
Figures released on Thursday showed a big increase in US gasoline stockpiles last week. This was despite the 4 July Independence Day holiday, when the summer driving season typically peaks. Crude is now on track for a weekly gain of more than 4%in New York, ending a four-week losing streak.
The US remains the world's largest energy consumer. Oil prices have fallen nearly $10 since early July due to concerns over energy demand, which has contracted for the first time in a quarter of a century.