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Bargain hunters push oil up after 7% fall over past week

BANGKOK--The price of oil was driven higher by bargain-hunting traders Thursday after plunging about 7 percent in the past week.

Benchmark crude for December delivery was up 61 cents to US$86.34 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

Oil fell Wednesday after the U.S. reported an unexpectedly large increase in crude supplies. The contract dropped 94 cents, or about 1 percent, to finish at US$85.73 per barrel.

Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne, said traders were seeing an opportunity for bargains after recent price plunges. The oil price has dropped almost 7 percent since closing last Thursday at US$92.10.

“The markets have been heavily sold in the last couple of weeks,” he said. “Oil looks like one of the cheaper commodities in the markets.”

U.S. oil supplies grew last week by 5.9 million barrels, or 1.6 percent, the Energy Department said. At 375.1 million barrels, the nation's oil inventory is 11.1 percent above year-ago levels.

Brent crude rose 32 cents to US$108.17 per barrel in London.

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