U.S. crude stocks fell by 4.5 mln bbls last week API
IMF cuts global growth forecast by nearly 1 pct point
OPEC supply gap widens in March as sanctions hit Russian output
Libya39;s NOC declares force majeure at Brega oil port

April 20 Reuters Oil prices rebounded on Wednesday from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in U.S. crude inventories last week.

Brent crude futures rose 66 cents, or 0.6, to 107.91 a barrel by 0623 GMT while the frontmonth WTI crude futures contract, which expires on Wednesday, rose 46 cents, or 0.5, to 103.02 a barrel. The secondmonth contract gained 64 cents to 102.69 a barrel.

Both benchmarks fell 5.2 in volatile trading on Tuesday after the International Monetary Fund IMF on Tuesday slashed its forecast for global growth by nearly a full percentage point, citing the economic impacts of Russia39;s war in Ukraine, and warning that inflation was now a clear and present danger for many countries. 

The selloff yesterday on the back of the IMF revisions was probably overdone, said Warren Patterson, ING39;s head of commodities strategy based in Singapore.

I believe that risks are still skewed to the upside, with the potential for further disruptions from Libya, but more importantly, the potential for an EU ban on Russian oil.

Global oil prices have been volatile, pulled higher by a tighter supply outlook following sanctions on Russia, the…