Oil prices recover from multi-month lows as stock markets surge
by ChemOrbis Editorial Team - content@chemorbis.com
On December 26, West Texas Intermediate (WTI) and Brent crude oil future snapped a three-day losing streak, after settling at their lowest levels since July 2017 in the pre-Christmas session on concerns about the global economy.
The US crude oil benchmark WTI for February delivery climbed $3.69 to settle at $46.22/bbl on the New York Mercantile Exchange and Brent crude for February delivery ended $4 higher at $54.47/bbl on ICE Europe.
The settlement on Wednesday also marked the biggest one-day gain for both benchmarks since November 2016.
The latest jump were attributed to sharp rebound in the US stock markets as well as comments from the Russian Energy Minister, which offered some reassurance that the oil market would become more stable during the first half of 2019.
However, both global oil benchmarks were still down by around %40 from their multi-year peak in October 2018.
The US crude oil benchmark WTI for February delivery climbed $3.69 to settle at $46.22/bbl on the New York Mercantile Exchange and Brent crude for February delivery ended $4 higher at $54.47/bbl on ICE Europe.
The settlement on Wednesday also marked the biggest one-day gain for both benchmarks since November 2016.
The latest jump were attributed to sharp rebound in the US stock markets as well as comments from the Russian Energy Minister, which offered some reassurance that the oil market would become more stable during the first half of 2019.
However, both global oil benchmarks were still down by around %40 from their multi-year peak in October 2018.
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