Oil Prices Volatile, Rebounding from Lows and Faltering Amidst Technical Analysis and Market Collapse.
Oil prices rebounded after two days of losses, driven by increased Chinese refinery activity, estimated drawdowns in US product inventories, and bargain-hunting from investors. Fears of a banking sector meltdown had sent Brent below $80 earlier this week. However, crude oil demand in China pushed crude oil throughputs at refineries higher by 3.3% over the first two months of the year, and data from the American Petroleum Institute showed larger-than-expected draws in gasoline and distillate inventories, supporting oil prices.