Oil prices bounced back on world markets.
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On the New York Mercantile Exchange, West Texas Intermediate--the benchmark U.S. crude--climbed 38 cents to $16.78 a barrel. The domestic crude gained 35 cents to $16.60 a barrel on the U.S. Gulf Coast spot market. On the European spot market, where oil is sold to the highest bidder, Britain’s North Sea Brent crude rose 25 cents to $16.20 a barrel. Brent fell through the $16 barrier Wednesday for the first time since OPEC agreed Dec. 20 to cut production by 7.2% to 15.8 million barrels a day.
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