Oil rebounds 1 per cent after sharp losses; US data supports
[SINGAPORE] Oil rebounded more than 1 per cent on Wednesday, with Brent rising above US$71 a barrel, recouping some of its losses from the previous session as a turbulent market struggled to find a price floor.
The market has swung through sharp gains and losses since OPEC announced last week that it would maintain steady output in an oversupplied market. Brent and U.S. crude are down more than 30 per cent since June and touched five-year lows on Monday.
Brent crude hit a high of US$71.46 a barrel on Wednesday after falling US$2 in the previous session. The January contract was up 75 cents at US$71.29 by 0210 GMT.
U.S. crude for January was at US$67.85 a barrel, up 97 cents, after dropping more than US$2 the session before. The contract touched a high of US$67.97 after data from the American Petroleum Institute showed a bigger than expected fall in crude inventories.
Saudi Arabia and other key members have kept output stable in November, underlining their focus on defending market share, a Reuters survey found. OPEC's oil supply in November declined by 340,000 barrels per day (bpd) due to political instability in Libya.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
Gold prices hold ground as traders eye US Fed cues
Suspicious China cooking oil is hurting US biofuels business
Britain to build Europe’s first next generation nuclear fuel facility
Renewables provided record 30% of global electricity in 2023, think tank Ember says
Oil settles lower on signs of easing supply tightness