Oil prices rebound as traders buy the dip

NEW YORK, June 22 (Xinhua) -- Oil prices rallied Thursday, a day after sliding to 10-month lows, as investors bought the dip after recent big losses.

On Wednesday, oil prices fell for a third straight session, as U.S. crude production rose to 9.35 million barrels a day last week, marking the highest level in almost two years, said the U.S. Energy Information Administration (EIA).

Oil prices plunged into a bear market this week amid persisted concerns that rising global supply will outweigh production cuts from the Organization of the Petroleum Exporting Countries and its partners including Russia.

Since peaking in late February, oil prices have dropped around 20 percent, erasing gains made at the end of last year after a production-cut deal.

The West Texas Intermediate for August delivery rose 0.21 U.S. dollar to settle at 42.74 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 0.40 dollar to close at 45.22 dollars a barrel on the London ICE Futures Exchange.