Oil

Oil prices rebounded over $1 a barrel from 12-year lows on Thursday, their biggest daily gain this year, as rallying financial markets gave some bearish traders reason to take profits on record short positions.

U.S. crude prices were lower by 0.49% at $28.22 per barrel, erasing modest early gains as analysts said a surplus of crude would keep pressuring the market.

Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016.

Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016, the International Energy Agency said in its monthly report on Tuesday.

U.S. crude prices rise, interrupting a slide to 2003 levels after the return of Iran to markets

U.S. crude trades lower by more than 1%, around $29 per barrel , as the market braced for a jump in Iranian exports.

Oil prices plummeted to $29 a barrel Friday on the likely resumption soon of Iranian oil exports into an already flooded market as international sanctions against Iran are lifted, dragging equity indices around the world sharply lower.

Warren Buffett is expanding his bet on the oil industry, slowly adding to his already large stake in oil refiner Phillips 66.