Oil rallies, rises above $43.00/bbl

Oil prices turned higher on Thursday, recovering from sharp losses incurred the previous day amid supply glut concerns.

West Texas Intermediate for September rose to $43.05 a barrel on Nymex, and it was last up 3.00% at $42.95a barrel.

The rally in oil also boosted US stocks, with main Wall Street indexes trading around half a percentage point into the green on Thursday.

On Wednesday, the EIA reported an unexpected increase in oil inventories by 1.1 million barrels last week, versus a drop of 1 million expected, which the EIA considered to be “historically high levels for this time of year” and sent WTI to a low of $41.11 a barrel.