Tuesday, 22 January, 2019

Oil rises to $51 after steep slide; growth fears weigh

Oil producers to have extra meeting if output cuts 'not enough': UAE U.S. crude oil plunges 6.7% to $42.53/bbl, weakest since mid-2017
Lloyd Bates | 27 December, 2018, 10:24

They rose 8 percent to $54.47 a barrel the day before.

However, both crude benchmarks are still down roughly 40 percent from highs in October, pressured by concerns about oversupply and over the outlook for the global economy.

Oil prices were up even higher earlier on Wednesday, with WTI trading up more than 10 percent shortly after 4:00pm EST.

Unrefined has been made up for lost time in more extensive budgetary market shortcoming as the U.S. government shutdown, higher U.S. financing costs and the U.S. - China exchange question startled speculators and exacerbated stresses over worldwide development.

Should that fail to balance the market, OPEC and its allies will hold an extraordinary meeting, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday. "We still believe US$45 is too low".

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With that said, ongoing efforts to rebalance the energy market may cushion oil prices even though OPEC's Monthly Oil Market Report (MOMR) warns of easing consumption in 2019, and the recent rebound in crude appear to be spurring a near-term shift in retail sentiment as net-long interest gets washed out.

Brent crude LCOc1, the global benchmark, was up 43 cents at $50.90 at 0949 GMT.

USA crude settled at US$46.22 a barrel, up US$3.69, or 8.7 per cent. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2pc slide in the previous session. Trading was closed on Tuesday for the Christmas holiday.

Recent selling "has felt less fundamentally driven and more a function of the overall market meltdown as increased equity volatility and growing macro concerns have weighed on a number of asset classes", wrote analysts at Tudor, Pickering & Holt.

Funds have incurred heavy losses in the oil market this year, with the average commodity trading adviser fund, or CTA, down by 7.1 percent on the year through mid-December, according to Credit Suisse data. But a decision by OPEC and its allies led by Russian Federation earlier this month in Vienna to implement 1.2 million barrels per day production cuts has at least for the time being stabilized the price outlook amid expectations that the reduction would prevent a surplus from building in the early part of 2019. The combined group plans to lower output by 1.2 million bpd next year.

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