Crude
climbed as traders counted on another week of declines in U.S. crude
inventories to help ease the glut that’s pushed prices below $40 a
barrel.
Futures
rose 2.9 percent in New York, paring Monday’s 3.4 percent slide. U.S.
crude stockpiles probably fell a second week, according to a Bloomberg
survey before government data Wednesday. Prices rebounded despite Saudi
Arabia’s planned cuts to 2016 spending that are based on a Brent price
next year of $37 a barrel, according to John Sfakianakis, a Riyadh-based
economist at Ashmore Group Plc and a former government adviser.
Crude
is heading for its second annual decline amid a global supply glut that
may deepen as OPEC effectively abandons output limits and Iran plans to
raise production once sanctions are lifted. Brent, the benchmark for
more than half the world’s oil, is poised to end 2015 with the lowest
annual average price in 11 years, hurting energy-exporting countries and
companies.
West
Texas Intermediate oil for February delivery climbed $1.06 to settle at
$37.87 a barrel on the New York Mercantile Exchange. Trading volume was
58 percent below the 100-day average at 2:52 p.m.
Brent
for February settlement rose $1.17, or 3.2 percent, to $37.79 a barrel
on the London-based ICE Futures Europe exchange. The European benchmark
oil closed at an 8-cent discount to WTI. Brent traded lower than WTI
last week for the first time in 11 months after the U.S. decided to lift
its restrictions on crude exports.
Source: Bloomberg
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