West Texas Intermediate and Brent crude rose on Wednesday after
registering hefty losses the prior session as the market seemed to be
drawing support at the current low levels and as BHP Billiton said it
will reduce the number of active drill rigs in the US. Upside movement,
however, was capped by expectations for another weekly jump in US crude
oil stockpiles and the outlook for a stronger dollar.
US crude for delivery in March rose 1.23% by 8:34 GMT to $47.04 per barrel, having shifted in a daily range of $47.13-$46.61. The contract settled 5.4% lower on Tuesday at $46.47 a barrel.
Meanwhile on the ICE, Brent for settlement in the same month rose 1.21% to $48.57 a barrel, having ranged between $48.78 and $48.21 during the day. The contract closed 1.74% lower on Tuesday at $47.99 at a premium of $1.52 to its US counterpart. The gap inched up to $1.53 on Wednesday.
Oil prices plunged this week after the International Monetary Fund followed the World Bank into slashing its global growth outlook for this year and the next, saying that most major economies, apart from the US and Spain, will experience a slowdown in expansion.
Read more Click here / www.trade4x.net
US crude for delivery in March rose 1.23% by 8:34 GMT to $47.04 per barrel, having shifted in a daily range of $47.13-$46.61. The contract settled 5.4% lower on Tuesday at $46.47 a barrel.
Meanwhile on the ICE, Brent for settlement in the same month rose 1.21% to $48.57 a barrel, having ranged between $48.78 and $48.21 during the day. The contract closed 1.74% lower on Tuesday at $47.99 at a premium of $1.52 to its US counterpart. The gap inched up to $1.53 on Wednesday.
Oil prices plunged this week after the International Monetary Fund followed the World Bank into slashing its global growth outlook for this year and the next, saying that most major economies, apart from the US and Spain, will experience a slowdown in expansion.
Read more Click here / www.trade4x.net
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