Crude oil fluctuates after recording largest climb in two years
December 22, 2014 3:28 am
Oil swung between gains and losses after posting its best advance in over two years behind Saudi Arabia’s comments that it was confident prices would recover behind the growth of the world economy.
Futures for the Brent, the European benchmark, with a delivery date in February alternated between gaining and losing after recording a 3.6% improvement last December 19th, its best since October 2012. It traded at a price per barrel 9 cents up at $61.57 late morning Sydney time in London’s ICE Futures Europe exchange. It traded with a premium over West Texas Intermediate of $4.16.
WTI, the American benchmark, with a delivery date in February traded 29 cents up at a price per barrel of $57.42. Trading volume was 51% higher than the 100 day average. WTI has fallen by 42% so far this year.
The oil minister of Saudi Arabia, Ali Al-Naimi, claimed that the fall in crude oil price is being caused by a lack of cooperation from non members of the Organization of Petroleum Exporting Countries. The energy minister of Qatar, Mohammed Al Sada, said that the market has a daily oversupply of 2 million barrels.
The material has been provided by InstaForex Company – www.instaforex.com
Oil swung between gains and losses after posting its best advance in over two years behind Saudi Arabia’s comments that it was confident prices would recover behind the growth of the world economy.
Futures for the Brent, the European benchmark, with a delivery date in February alternated between gaining and losing after recording a 3.6% improvement last December 19th, its best since October 2012. It traded at a price per barrel 9 cents up at $61.57 late morning Sydney time in London’s ICE Futures Europe exchange. It traded with a premium over West Texas Intermediate of $4.16.
WTI, the American benchmark, with a delivery date in February traded 29 cents up at a price per barrel of $57.42. Trading volume was 51% higher than the 100 day average. WTI has fallen by 42% so far this year.
The oil minister of Saudi Arabia, Ali Al-Naimi, claimed that the fall in crude oil price is being caused by a lack of cooperation from non members of the Organization of Petroleum Exporting Countries. The energy minister of Qatar, Mohammed Al Sada, said that the market has a daily oversupply of 2 million barrels.
The material has been provided by InstaForex Company – www.instaforex.com
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