Forexpros - Crude oil futures rebounded from the lowest level since July during European morning hours on Thursday, as appetite for growth-linked assets strengthened after the Federal Reserve said that some aspects of the U.S. economy were improving. On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD86.33 a barrel during European morning trade, climbing 0.7%. New York-traded oil prices rose by as much as 1% earlier in the day to hit a session high of USD86.61 a barrel. Future fell to USD84.95 a barrel on Wednesday, the weakest level since July 12. The Federal Reserve announced no new measures at the end of a two-day meeting Wednesday, after the central bank announced its third round of quantitative easing last month. In its rate statement, the Fed said the U.S. economy is improving moderately, but said job growth has been slow and the unemployment rate remains elevated. The Fed also said it planned to keep its benchmark short-term rate close to zero through mid-2015. The Federal Reserve said in September it will purchase an average of USD40 billion of mortgage-backed securities a month until the economy shows significant improvement. Later in the day, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims. The country is scheduled to release third quarter growth data on Friday. The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand. Some bargain buying also helped lift oil futures off the lows, after prices moved into oversold territory. Technical traders said prices had fallen too far, too fast and were due for a technical bounce. Oil prices have been under heavy selling pressure in recent sessions, as increasing concerns over the outlook for global economic growth and the impact on future oil demand prospects dampened the appeal of the commodity. Elsewhere, oil traders continued to focus on tensions between Syria and Turkey and the possibility that Iran could support Syria in such a dispute. Violence also spilled over to neighboring Lebanon in recent days, fuelling concerns over a region-wide conflict. Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2011. Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery added 0.65% to trade at USD108.58 a barrel, with the spread between the Brent and crude contracts standing at USD22.25 a barrel. London-traded Brent prices have been well-supported in recent sessions, as a combination of lingering concerns over a disruption to supplies from the Middle East and worries over declining production in the North Sea-region have been boosting prices.

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