34794
Oil’s Biggest Rally Since August
Energy

Oil’s Biggest Rally Since August

Oil rallied in its biggest two-day advance since August after a slump to a 12-year low prompted some investors to buy back record bearish bets. Brent for March settlement climbed as much as $2.11, or 7.2%, to $31.36 a barrel on the London-based ICE Futures Europe exchange. Prices are up 12% since Wednesday, Bloomberg reported.
West Texas Intermediate for March delivery gained as much as $1.79, or 6.1%, to $31.32 a barrel on the New York Mercantile Exchange and was at $31.21 at 2:14 p.m. in London.
The March contract has advanced 10% in two days, and the generic front-month futures has surged 18% since the February contract expired on Wednesday, the most since August.  Front-month futures have jumped more than 17 after sliding to the lowest since 2003 on Wednesday.

Short URL : http://goo.gl/8ppF7Y
  1. http://goo.gl/pBXDsQ
  • http://goo.gl/3jY19C
  • http://goo.gl/UmiVcp
  • http://goo.gl/CiDOyA
  • http://goo.gl/7qW2u2

You can also read ...

Tabriz Oil Refinery
Operations to swap crude oil consignments shipped from...
Domestic Firm to Build 1ts SP Phase 11 Platform
An unnamed Iranian company will build the first jacket...
An oil spill near Kuwait’s Ras al-Zour in Persian Gulf waters.
Major oil exporter Kuwait is dealing with another crude oil...
Kharg NGL Project Gathers Momentum
Iranian Offshore Oil Company will hand over the development of...
NIOC could trim exports by at least 1 million barrels next month.
The National Iranian Oil Company has informed buyers in Asia...
Iraq Rules Out Further Crude Cuts
Iraq does not see the need for more output cuts now, but if...
Total SA Steps Up Renewables Drive
Oil major Total moved forward with its plan to expand in the...
Brent, WTI Prices Steady
Oil markets held largely steady on Tuesday, even as OPEC...

Trending

Googleplus