Related Post
Investing.com – Oil prices pushed higher on Wednesday, with the U.S. benchmark bouncing back after reaching its lowest level since June 2017 in a bruising pre-Christmas session on Monday.
was up 44 cents, or roughly 1%, at $42.97 a barrel by 8:50AM ET (13:50 GMT) on the New York Mercantile Exchange. It fell to a 17-month low of $42.36 on Monday, before ending the day down 6.7%.
Meanwhile, international futures tacked on 4 cents to $50.81 a barrel.
With many traders out for the holidays, volumes are expected to be thinner and moves could be exaggerated.
Crude oil has lost over a third of its value since October in what has become one of the biggest declines since a price collapse in 2014, with surging supply and the specter of faltering demand scaring off investors.
With less than a week to the end of 2018, WTI remains down about 29% this year, while Brent is down about 24% on the year, as swelling inventories depressed sentiment.
Saudi-led OPEC and its non-member allies led by Russia agreed in early December to collectively cut production by a total of 1.2 million barrels a day during the first six months of 2019 in an effort to stave off a global glut in supplies.
But the cuts will not happen until next month.
In other energy trading, dipped 0.4% to $1.2536 a gallon. It ended 5.3% lower at $1.2488 a gallon on Monday, its lowest settlement since Feb. 29, 2016.
sank 3% to $3.322 per million British thermal units, adding to a 9.2% drop posted in the shortened Christmas Eve session on Monday.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
