Oil Hovers Above One-Month Lows

Oil Hovers Above One-Month Lows

Oil edged up from one-month lows on Tuesday following its largest one-day slide in more than five weeks, although analysts said the prospect of a more substantial price recovery was limited.
Brent crude futures were up 32 cents at $48.93 a barrel, having fallen by nearly 3% the day before in their biggest one-day drop since Sept. 23. US West Texas Intermediate futures were up 5 cents at $46.91 a barrel, after a near-4% drop on Monday, CNBC reported.
The market remains weighed down by record output from the world's largest exporters and mounting uncertainty that OPEC and its rivals can do much to tackle a two-year global surplus.
Oil prices hit their highest in a year in October after the Organization of Petroleum Exporting Countries said at a meeting in Algeria in late September it had agreed to limit production that is around record highs to help erode the surplus. But a growing number of countries that say they are either unwilling, or unable to cut, has cast doubt on the group's ability to reach an effective deal when it meets on Nov. 30.
"We had a very strong selloff yesterday (Monday) and oil is bouncing a little bit," said Olivier Jakob from Swiss-based consultancy Petromatrix.

Short URL : https://goo.gl/Q1DrOu
  1. https://goo.gl/7yZq35
  • https://goo.gl/mVVsQ2
  • https://goo.gl/TaWnkj
  • https://goo.gl/L8AxkK
  • https://goo.gl/mhU5Fp

You can also read ...

Investors Urge Big Oil to Tackle Climate Change
Large global investors—representing a combined $10.4 trillion...
Oil Export Not to Decline If EU Saves Nuclear Deal
Iranian Oil Minister Bijan Namdar Zanganeh said on Saturday US...
Spain Increases Iran Oil Import
The probable revival of US sanctions threatens to reduce the...
Brent Prices Anticipated to Rise Over Supply Concerns
Oil prices fell on Friday, but Brent crude marked its sixth...
With more than 300 sunny days throughout the year, Iran has huge potentials to expand solar energy infrastructure
In line with efforts to use the country's maximum potential in...
Air Conditioning to Become Key Driver of Global Electricity Demand
The growing use of air conditioners in homes and offices...
13% Growth in Gas Condensate Production
Natural gas refining complexes produced over 237 million...
Agreements With Austrian University to Boost Oil Output
Iran's Petroleum University of Technology and Austria’s...

Add new comment

Read our comment policy before posting your viewpoints