21/03/2012 05:28 AST

Oil rebounded from the biggest decline in three months after a report showed crude stockpiles falling in the U.S. Prices dropped yesterday as Saudi Arabia said it may boost supplies.

Futures gained as much as 0.5 percent after sliding 2.3 percent yesterday. U.S. crude supplies shrank by 1.4 million barrels last week, according to the American Petroleum Institute. The Energy Department may say today that inventories climbed by 2.2 million barrels, a Bloomberg News survey showed. Saudi Arabia can increase output by 25 percent immediately if needed, Oil Minister Ali al-Naimi said. Prices have risen this year on concern that tension with Iran threatens supplies.

“When we get big draws or builds the market will take it and move, but then it’ll come back to reality,” said Jonathan Barratt, chief executive of Barratt’s Bulletin, a commodity markets newsletter in Sydney.

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Ticker Price Volume
QNBK 124.50 582,235
SABIC 100.87 2,504,855
BURUJ 34.50 110,831
MMG 0.00 0
TAWUNIYA 95.40 17,663
STC 71.32 119,991
ZAIN 511.00 5,635,957
(In US Dollar) Change Change(%)
Brent 56.86 0.43 0.76
WTI 50.66 0.11 0.22
OPEC Basket 54.59 0.53 0.98
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