LIVE CRUDE OIL NEWS-
Oil prices on Wednesday recovered some of the previous day’s over 6 per cent plunge, lifted by a report of an unexpected decline in US commercial crude inventories as well as record Indian crude imports. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. International Brent crude oil futures were at $63.35 per barrel at in the intraday trade, up 82 cents, or 1.3 per cent from their last close.
US West Texas Intermediate (WTI) crude futures, were up 78 cents, or 1.4 per cent, at $54.21 a barrel.
Wednesday’s rebound came after a report by the American Petroleum Institute late on Tuesday that US commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to November 16.
Record crude imports by India of almost 5 million barrels per day (bpd) also supported prices, traders said.
Yet Wednesday’s bounce did little to reverse overall market weakness, which saw crude tumble by more than 6 per cent the previous session amid a selloff in global stock markets.
“The global economy is still going through a very difficult time and is very fragile,” IEA chief Fatih Birol said on Tuesday.
U.S. investment bank Goldman Sachs said on Wednesday the renewed price collapse reflected “concerns over excess supply in 2019… (and) a broader cross-commodity and cross-asset sell-off as growth concerns continue to mount.”
With output surging and the demand outlook deteriorating, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million bpd to prevent a repeat of the 2014 glut.
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