Oil halted its slide after falling the most in six weeks as investors weighed rising demand against expanding OPEC production.
Futures
climbed as much as 1.3 percent in New York after Monday’s 5.1 percent
drop. Global demand is increasing while non-OPEC nations are supplying
less, according to Abdalla Salem El-Badri, the secretary-general of the
Organization of Petroleum Exporting Countries. The 12-member group sees
output from other producers declining by 130,000 barrels a day next year
as the U.S. shale boom sputters, according to its monthly report.
Oil
has failed to sustain gains after advancing above $50 a barrel last
week for the first time since July amid speculation the global market
remains oversupplied. OPEC said it produced 31.57 million barrels a day
last month, the most since 2012, as it predicted stronger demand for its
crude next year.
West
Texas Intermediate for November delivery rose as much as 62 cents to
$47.72 a barrel on the New York Mercantile Exchange, and was at $47.52
at 12 p.m. Sydney time. The contract fell $2.53 to $47.10 on Monday. The
volume of all futures traded was almost three times the 100-day
average. Prices are down about 11 percent this year.
Brent
for November settlement climbed as much as 64 cents, or 1.3 percent, to
$50.50 a barrel on the London-based ICE Futures Europe exchange. It
decreased $2.79 to $49.86 on Monday. The European benchmark crude was at
a premium of $2.92 to WTI.
Source: Bloomberg
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