57322
Oil Prices Rebound
Oil Prices Rebound
  1. Energy

Oil Prices Rebound

  1. Energy

Oil Prices Rebound

Oil prices rose for the first time in three days on Wednesday, following the news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers have kept gains in check.
Brent crude futures were up 52 cents at $54.16 a barrel, while US West Texas Intermediate crude futures were up 44 cents at $51.26 a barrel, Reuters reported.
Brent has surrendered nearly 40% of the gains made between late November and early January. Analysts, however, said the slide was unlikely to become more aggressive, given the likelihood of Saudi Arabia and other Persian Gulf producers at least sticking to their pledge to cut output.
“Few envision that Brent crude at sub-$50 a barrel is a viable price (in H1, or the first half of 2017) amid OPEC production cuts tightening up the market,” SEB commodities strategist Bjarne Schieldrop said.
“If (Tuesday’s) low of $53.58/barrel turns out to be the low point remains to be seen. However, we do think that buying in the territory between the current price of $53.88/b and down to $50/b is probably as good as it gets for buyers in H1.”
Saudi Arabia, the world’s top oil exporter, has told some of its Asian customers that it will reduce their crude supplies slightly in February.

Short URL : https://goo.gl/SY4Eol
  1. https://goo.gl/Ve5g75
  • https://goo.gl/7sj1bG
  • https://goo.gl/b44hKj
  • https://goo.gl/cWucJf
  • https://goo.gl/lbPDMP

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

You can also read ...

Kharg terminal's oil loading capacity has now increased to 7 million barrels per day.
Iran has no stockpile of crude oil at sea and its floating gas...
Tehran on average exported 2.57 million bpd of crude oil and condensates in March-Dec.
Iran sold $29 billion worth of crude oil in the first nine...
South Korea's Crude Imports From Iran Surge Eight-Fold
South Korea's Iranian crude oil imports in December soared...
Italian Co. Targets Mideast Renewable Energy Market
Rome-based utility owner Enel SpA is targeting renewables...
$1.6b Thermal Power Plant for Hormozgan
Operations to construct a 1,400 megawatt thermal power plant in...
India's Oil Demand Growth Rate to Again Eclipse China
The dramatic rise in India’s oil demand shows no signs of...