(MENAFN- ProactiveInvestors)
Oil prices rebounded firmly after touching 12-year lows on concerns of Middle Eastern output exacerbating global oversupply.
Oil was up 2.2% overnight at US$31.14 a barrel.
Brent benchmark crude meanwhile gained 2.3% to $31.00 a barrel.
The gains came despite expectations of a lifting of sanctions on Iran adding to concerns that the major producer would add further to an energy glut.
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