Oil market rebounds

LONDON, Oct 17 (AFP): World oil prices rebounded Friday on bargain-buying, a day after the US benchmark fell below $80 for the first time in more than two years.

However, the overall mood remained clouded by a supply glut in and concerns over demand caused by a slowdown in major European economies and China.

US benchmark West Texas Intermediate for November added $1.29 to $83.99 a barrel.

Brent North Sea crude for delivery in November won $1.24 to stand at $87.06.

WTI prices had tumbled below the psychological support level of $80 on Thursday before a mixed crude inventory report spurred a rally.

The report by the US Department of Energy showed a 4.0 million barrel drop in gasoline inventories, much more than analysts had projected, indicating stronger-than-expected demand in the world's biggest economy.