|01-08-2015, 11:17 PM||#1|
Brent prices hold gains after rebound
Oil prices gained on Thursday, holding gains from the previous session when it broke a four-day losing streaky after U.S. oil inventories fell more than expected.
February Brent crude climbed 0.22% to $51.26 a barrel by 13:32 GMT. Brent had hit a low of $49.6 a barrel on Wednesday, the lowest since April 2009.
U.S. light, sweet crude oil was up 0.49% at $48.91 a barrel.
Data showed Wednesday afternoon that U.S. crude oil inventories fell at a much higher rate than expected, which some saw as bullish as U.S. oil production is stabilizing. Inventories fell 3.1 million barrels last week, compared with estimates for an increase of 880,000 barrels.
However, the rebound seems technical, given the fundamental background of the market and the downward pressure the market is facing.
Major economies in Europe and in Asia are facing slower growth, and major oil producers are showing no signs of reducing output. The U.S. is producing the most oil in nearly 30 years in the wake of a shale reserves boom.
The global surplus in supply is estimated to be at 2 million barrels per day.
Analysts believe that the market is testing its floor, and for now, the $50-a-barrel level for Brent seems the limit.
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