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- Oil: Prices continue to rebound after yesterday’s volatile trading
Oil: Prices continue to rebound after yesterday’s volatile trading
Brent crude and West Texas
Intermediate continue to after the ECB bond buying decision. Brent Crude added +1.98%, currently trading at
USD49.48 a barrel, still below the important USD50 level. West Texas Intermediate rose by +1.30% currently quoted
at USD46.91. Yesterday prices spiked following the death of King Abdullah of
Saudi Arabia. Later his successor Salman bin Abdulaziz stated that the policy
of the world's largest exporter won't change. The OPEC will continue to fight
for market share.
Oil prices
fell by nearly 60 percent over the past six months, and both key brands of oil
are currently trading below $ 50 a barrel as the supply of from the United
States, Russia and Canada and other producers exceeded demand in a period of
low global economic growth and the OPEC refusing to cut output rates to
stabilize prices
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