Oil Rallies But Oversupply, Economic Growth Weigh

Oil prices rose on Dec. 17 after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.

Brent crude oil LCOc1 was up 30 cents a barrel at $60.58 by 1430 GMT. U.S. light crude CLc1 was 10 cents higher at $51.30.

“Oil prices are regaining some ground on the back of bullish rhetoric from OPEC officials,” said Stephen Brennock, analyst at London brokerage PVM Oil.