Oil prices edge up, trading thin ahead of Christmas
[SINGAPORE] Brent crude oil prices edged up on Tuesday following a volatile session the day before that saw contracts jump over 2 percentage points before falling back to not much more than US$60 a barrel.
Asian trading was thin, curbed by a public holiday in Japan and as many traders close their books ahead of the Christmas and New Year holidays.
Front-month Brent crude futures were trading at US$60.42 per barrel at 0215 GMT, up 31 cents. US WTI crude was up 56 cents at US$55.82 a barrel.
Tuesday's quiet opening followed a volatile session on Monday, when Brent prices first jumped to almost US$63 a barrel on the back of strong international market performances before sliding back to not much over $60 after Saudi Arabia's powerful oil minister said Opec would not cut production at any price. "Brent could drop below US$60 per barrel over the next six months, and WTI could fall to US$50, as global oil inventories build sharply from here," Bank of America Merrill Lynch said in a research note. "The faster the oil price drop, the larger the damage to the global oil industry. Oil could rebound sharply by the end of 2015," it added.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates