LONDON, June 21: The price of oil on world markets rebounded on Thursday from heavy losses the previous day that were sparked by rising energy inventories in major consumer the US.

Traders also kept a weary eye on Nigeria, where industrial unrest continued to blight Africa's biggest oil producer.

In Thursday afternoon deals, Brent North Sea crude for August delivery added 88 cents to $71.30 per barrel in electronic trading.

New York's main oil futures contract, light sweet crude for delivery in August, gained 52 cents to $69.38 per barrel in US pit deals.

Prices tumbled after the US Department of Energy said that stockpiles of crude oil grew by 6.9 million barrels in the week that ended June 15.—AFP