Oil Bounces from 10-Month Low on Sharp Inventories Decline

NEW YORK, Aug. 11 (Xinhua) -- U.S. crude oil price bounced from a 10-month low on Wednesday as the U.S. crude inventories declined sharply last week, although concerns about European debt crisis continued weighing.

Light, sweet crude for September delivery soared 3.59 dollars, or 4.53 percent to settle at 82.89 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for September delivery also rebounded and last traded around 107 dollars a barrel.