Oil hits five-yr low before rebound

LONDON, Dec 9 (Reuters): Brent crude oil hit a fresh five-year low on Tuesday before rebounding to near $67 a barrel, as some buyers emerged in the hope that prices are bottoming following a more than 40 per cent slide since June.
Fast-growing U.S. shale output has hurt the ability of the Organisation of the Petroleum Exporting Countries to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year.
"Although talks of oil reaching its bottom are more rampant, we fail to see a reversal coming without stronger fundamentals," Daniel Ang of Phillip Futures said in a note.
Brent crude for January delivery was up 65 cents at $66.84 a barrel by 6:23 EST after falling as low as $65.29, its weakest since September 2009. Brent dropped 4.2 percent or $2.88 on Monday in its third-largest one-day loss this year.
U.S. crude was up 93 cents at $63.98 a barrel, bouncing back after hitting $62.25, its lowest since July 2009. It fell 4.2 percent or $2.79 on Monday.