Oil prices rose today, climbing after four days of steep losses that knocked more than 15 per cent off a barrel of crude, as traders awaited the outcome of the US threat to invade Iraq.
US light crude climbed 48 cents to $32.15 a barrel following Tuesday's nine percent decline, which took prices to the lowest level in nine weeks.
London's Brent crude jumped 55 cents to $27.80 a barrel after dropping 7.6 per cent in yesterday's sell off.
Crude markets had tumbled $5.50-$7 in the last four trading days as dealers bet on an easy US-led victory over Iraq and minimal disruption to Middle East crude flows, which make up about 40 per cent of global oil trade.
