Posted AT 4:24 PM EST on 20/08/08
Oil rebounds near $115
NEW YORK — The price of oil bounced back near $115 (U.S.) a barrel on Wednesday, as traders shrugged off a massive increase in U.S. crude inventories and a stronger U.S. dollar and focused on possible supply threats.
It was a volatile day for energy prices, which initially retreated after the U.S. Energy Department said a big gain in imports drove crude inventories up by a hefty 9.4 million barrels in the week ended Aug. 15.
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