Oil prices recovered from sharp early losses to finish higher Wednesday after US stockpiles eased from record levels. New York's main contract, West Texas Intermediate crude for June delivery, added a modest nine cents from Tuesday to finish at $94.30 a barrel. In London Brent North Sea crude for June gained $1.08 to $103.68 a barrel. WTI was down some $2 a barrel in early trade, and Brent $1.50, before the US Energy Information Administration in its weekly report on petroleum stockpiles reported a surprise fall in crude oil supplies.

A new colourless, pear-shaped diamond weighing 101.73 carats raked in a record $23.5 million at a Christie's auction in Geneva Wednesday. The price, which does not include tax or commission, is the highest ever paid for a flawless colourless diamond, according to the auction house, which had hoped the gem would go for $30 million. apo-nl/gk

Oil rebounded in Asian trade Tuesday on bargain-hunting following an overnight decline, but analysts said economic worries in energy guzzlers US and China would continue to weigh on sentiment. New York's main contract, light sweet crude for delivery in June gained 19 cents to $95.36 a barrel and Brent North Sea crude for June delivery was up one cent to $102.83 in the afternoon. "Oil has rebounded primarily because traders think it is a good buying opportunity," Victor Shum, managing director of IHS Purvin and Gertz in Singapore, told AFP.

Platinum production sank last year by 13 percent, hitting a 12-year low due to unrest in key producer South Africa, but output is forecast to recover slightly in 2013, industrials group Johnson Matthey said on Monday. Platinum output slumped in 2012 to strike 5.64 million ounces, Johnson Matthey said in its closely-watched annual market review. That was the lowest level in 12 years and compared with 6.48 million ounces in 2011. Total platinum demand dipped 0.6 percent to 8.05 million ounces last year, while recycling of platinum stood at 2.03 million tonnes.