Investing.com - Investing.com - Crude oil prices rebounded smartly in early Asia on Friday as investors pulled back from recent bearish sentiment on supply.
On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in November traded at $83.06 a barrel, up 0.47%, after hitting an overnight session low of $79.86 a barrel and a high of $81.79 a barrel.
November Brent oil, which expired at settlement Thursday, settled up 0.8% at $84.47 a barrel on ICE Futures Europe Thursday. December futures rose 2% to $85.82 a barrel.
Overnight, crude futures slid after data revealed U.S. inventories rose more than markets were expecting last week, while soft Chinese inflation figures softened the commodity as well by stoking concerns that global supply far outstrips demand.
The U.S. Energy Information Administration reported early that U.S. crude stockpiles rose by 8.92 million barrels last week, exceeding market forecasts for a gain of 2.78 million barrels.
The numbers softened oil prices by fueling concerns that the world is awash in crude while demand remains soft, especially in Asia, where China's consumer price index fell to near five-year lows.
Official data released on Wednesday showed that Chinese inflation for September slowed to 1.6% on-year from 2.0% in August, below expectations for a
reading of 1.7%.
The weaker-than-expected data underlined concerns about China's economy and sparked speculation policymakers in Beijing will have to introduce fresh stimulus to meet the government's 7.5% growth target.
Oil prices found some support in U.S. data.The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 11 fell by 23,000 to 264,000 from the previous week's total of 287,000.
Analysts had expected jobless claims to rise by 3,000 to 290,000 last week, and the upbeat report cushioned oil's losses by fueling hopes that the U.S. economy continues to recover despite potholes here and there.
The numbers offset U.S. retail sales and wholesale pricing reports released on Wednesday, which fueled lingering concerns that the U.S. economy may be
battling stronger headwinds than once anticipated and will consume less fuel and energy going forward.
Elsewhere, data revealed that U.S. industrial production climbed 1.0% last month, beating expectations for a 0.4% rise, which gave oil some support.
The August figure was revised to a 0.2% slip from a previously estimated 0.1% downtick.
In addition, the Federal Reserve of Philadelphia said its manufacturing index fell to 20.7 this month from 22.5 in September, less than market expectations for a decline to 20.0.
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