Oil prices rise following sharp drop on Tuesday

Oil prices rebounded on Wednesday after losing over 2% in the previous session, driven by a drawdown in US crude inventories. Brent crude futures were up 25 cents to $79.80 a barrel while US benchmark WTI rose around 0.2% to trade at $75.70. Investors have been see-sawing between potential supply losses from Libya amid political concerns and worries about global fuel demand. Prices are bouncing back from Tuesday's decline, which snapped a three-day streak of gains of more than 7%, as concerns about low refinery profit margins weighed on expectations for fuel demand as data showed global consumption growth has been lower than forecast this year.