Oil held the biggest two-day drop in a month as concerns about global oversupply continued to weigh on sentiment.
West Texas Intermediate rose above $58 a barrel after losing 3% over the previous two sessions, while Brent crude closed near $62. The US said domestic crude production would hit a record high 13.6 million barrels a day this year, adding to a flood of supply hitting the global market.
"Whether it's a glut or a super-glut, it's kind of hard to get away from," Saad Rahim, the chief economist of global commodities trader Trafigura Group, said on Tuesday.
The industry funded American Petroleum Institute reported US crude inventories shrank by 4.8 million barrels last week, according to a document seen by Bloomberg. However, large gains were seen for fuel stockpiles — both gasoline and distillates such as diesel. Official data will be released on Wednesday.
To get Bloomberg's Energy Daily newsletter in your inbox, click here.
Prices:
WTI for January delivery rose 0.2% to $58.39 a barrel at 7:30 a.m. in Singapore.
Brent for February settlement closed 0.9% lower at $61.94 a barrel on Tuesday.
Source: Bloomberg
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...