Crude oil advanced as investors reassessed the reasons for a drop in futures to a 12-year low.
Oil rose more than 2
percent in New York and London. Global benchmark Brent rebounded after
sliding below $30 a barrel Wednesday for the first time since April 2004
amid speculation sanctions on Iran may be lifted by next Monday, paving
the way for increased shipments. U.S. equities rose Thursday after the
biggest selloff in three months.
Brent capped a third
annual loss in 2015 as the Organization of Petroleum Exporting Countries
effectively abandoned production limits amid a global surplus. Iran is
trying to regain its lost market share and doesn’t intend to pressure
prices, officials from its petroleum ministry and national oil company
said this month. U.S. gasoline supplies logged the biggest two-week gain
on record, according to U.S. government data on Wednesday.
WTI for February
delivery climbed 72 cents to settle at $31.20 a barrel on the New York
Mercantile Exchange. Prices slid below $30 Tuesday for the first time
since December 2003. Total volume traded was 71 percent above the
100-day average at 2:40 a.m.
Source: Bloomberg
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