Oil rebounded in New
York after slumping to a fresh five-year low as prices continued to
swing amid the highest trading volatility since 2011.
West Texas
Intermediate climbed as much as 2.6 percent, trimming a fourth weekly
drop. A measure of expected futures movements and a key gauge of options
value was at the highest level since October 2011, data compiled by
Bloomberg show. Saudi Arabia and OPEC would find it œdifficult, if not
impossible to give up market share by cutting supply, according to Ali
Al-Naimi, the oil minister of the Middle East producer.
Oil has lost more than
20 percent since Saudi Arabia led the decision by the Organization of
Petroleum Exporting Countries to maintain its collective target at a
meeting in Vienna last month. U.S. producers continue to pump crude at
record levels, contributing to a global supply glut and boosting
speculation they will compete with the 12-member group for market share.
WTI for January
delivery rose as much as $1.39 to $55.50 a barrel on the New York
Mercantile Exchange and was at $54.88 at 11:17 a.m. Sydney time. The
contract, which expires today, slid $2.36 to $54.11 yesterday, the
lowest close since May 2009. The more active February future was up 91
cents at $55.27. The volume of all futures traded was about 22 percent
below the 100-day average. Prices have decreased 44 percent this year.
Brent for February
settlement dropped $1.91, or 3.1 percent, to $59.27 a barrel on the
London-based ICE Futures Europe exchange yesterday, also the lowest
close since May 2009. The European benchmark crude ended the session at a
premium of $4.91 to WTI for the same month.
Source : Bloomberg
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