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| Oil rebounds from steep slide |
| 2018-12-27 |
| [DAWN] Oil rebounded from recent losses on Wednesday, gaining more than 1 per cent on perceptions that the price slide to 2017 lows prompted by economic worries has gone too far, too fast. Crude has been caught up in wider financial market weakness as the US government shutdown, higher US interest rates and the US-China trade dispute unnerved investors and exacerbated worries over global growth. Brent crude, the global benchmark, was up $1.51, or 3pc, to $52 as of 11:00am EST (1600 GMT). It earlier fell to $49.93, lowest since July 2017, after a 6.2pc slide in the previous session. US crude was up gained $1.79, or 4.2pc, to $44.31. "I think there is a little bit of over-extension to the downside linked to global market fears," said Olivier Jakob, analyst at Petromatrix. The head of Russian oil company Rosneft, Igor Sechin, predicted an oil price of $50-$53 in 2019, a long way south of the four-year high of $86 for Brent crude reached earlier this year. |
| Posted by:Fred |