India, Aug. 20 -- Crude oil prices have shown a notable move to the upside during trading on Wednesday, partly offsetting the steep drop seen in the previous session.
After tumbling $1.07 or 1.7 percent to $62.35 a barrel, crude for September delivery was last seen trading up $63.14 a barrel, up $0.79 or 1.3 percent.
The rebound by the price of crude oil comes after the Energy Information Administration released a report showing crude oil inventories in the U.S. decreased by much more than expected in the week ended August 15th.
The EIA said crude oil inventories tumbled by 6.0 million barrels last week after rising by rising by 3.0 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.3 million ...