Oil
rose as the falling dollar countered any concerns in the market over a
steep gain in U.S. crude inventories to more than 500 million barrels
for the first time since 1930.
Commodities
rallied as the Bloomberg Dollar Index, which tracks the currency
against major peers, fell as much as 1.9 percent. Oil futures briefly
retreated after the Energy Information Administration reported that U.S.
crude stockpiles climbed 7.79 million barrels to 502.7 million last
week. That was almost twice the 4 million-barrel increase projected by
analysts surveyed by Bloomberg.
Oil
dropped to a 12-year low in January amid brimming U.S. crude
inventories and the outlook for increased exports from Iran after the
removal of sanctions. The slump continues to take its toll on oil
producers: Exxon Mobil Corp. reduced its drilling budget to a 10-year
low, and Chevron Corp. saw its credit rating cut by Standard &
Poor’s for the first time in almost three decades.
West
Texas Intermediate for March delivery rose $2.40, or 8 percent, to
$32.28 a barrel on the New York Mercantile Exchange. It fell 11 percent
on Monday and Tuesday, the biggest two-day drop in almost seven years.
The volume of all futures traded was 93 percent above the 100-day
average at 2:45 p.m.
Brent
for April settlement climbed $2.32, or 7.1 percent, to $35.04 a barrel
on the London-based ICE Futures Europe exchange. The European benchmark
crude closed at an $1.18 premium to April WTI.
Source: Bloomberg
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