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- Oil: Prices rebound after Monday’s massive slump
Oil: Prices rebound after Monday’s massive slump
Oil prices firmed toady after Monday's massive slump and volatile trading after concerns over a disruption from Libya eased and U.S. stockpiles at records. Brent Crude gainedg +2.35%, currently trading at USD60.94 a barrel. On January 13th Crude hit a low at USD45.19. West Texas Intermediate added +1.55% currently quoted at USD50.36, back above the USD50-threshold a barrel.
Markets look ahead to the API Crude Oil Inventories due at 21:30 GMT and the government report on Wednesday.
Although prices stabilized recently worldwide supply still exceeds demand in a period of low global economic growth limiting the impact of positive macroeconomic news. U.S. output, despite a lower rig count, and OPEC output remains high.
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