NEW YORK, Nov. 21 (Xinhua) -- Oil prices rebounded on Wednesday after the previous day's sharp declines.
Oil prices suffered big losses on Tuesday amid concerns about a global supply glut, with both U.S. oil and Brent crude plunging over 6 percent. Analysts said that traders bought the dip provided support to oil prices.
A weaker U.S. dollar also made the dollar-priced commodity more attractive for holders of other currencies.
The dollar index, which measures the greenback against six major peers, was down 0.13 percent to 96.7119 at 3:00 p.m. (2000 GMT) on Wednesday.
Meanwhile, the U.S. Energy Information Administration (EIA) said in a weekly report on Wednesday that the country's crude stocks rose by 4.9 million barrels last week, extending its gaining streak to a ninth straight week.
The West Texas Intermediate for January delivery increased 1.20 U.S. dollars to settle at 54.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery added 0.95 dollar to 63.48 dollars a barrel on the London ICE Futures Exchange. Enditem
