Oil prices pause for breath after two-day rout

LONDON (AFP) — Oil prices steadied after a two-day rout that saw the value of crude drop 12 percent amid easing fears over a northern winter supply shortage, traders said.

New York's benchmark contract, light sweet crude for delivery in January, rose 21 cents to 43.46 dollars a barrel at about 1045 GMT, after closing Thursday at 43.25 dollars a barrel, the lowest finish since September 10.

The price in New York has plummeted 12.0 percent in two days since the US government announced increases in US commercial inventories of crude oil, distillates and gasoline, prompting heavy selling by speculative funds.

Brent North Sea crude for January edged up three cents to 40.18 dollars in London, having tumbled by almost 12 percent over two days.

The fall in prices has been largely due to easing fears ...