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Brent rebounds to US$71 but downtrend seen continuing

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BRENT oil rose to US$71 a barrel on Wednesday in choppy trading as the market searched for a price floor after a near 40 per cent fall since June. Trade in oil has been volatile since the Organization of the Petroleum Exporting Countries (Opec) said last week that it would not lower output despite an oversupplied market.

London

BRENT oil rose to US$71 a barrel on Wednesday in choppy trading as the market searched for a price floor after a near 40 per cent fall since June. Trade in oil has been volatile since the Organization of the Petroleum Exporting Countries (Opec) said last week that it would not