Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts fretted that the outlook for the next six months remained bleak due to oversupply.
Oil fell as much as 5 per cent on Tuesday after t
Brent crude oil rose more than $2 to around $50 a barrel after the West's energy watchdog forecast the market sell-off would end, although analysts said a strong rebound soon was unlikely as global output continued to outweigh demand.
Oil prices slid in early Asian trade on Wednesday after touching their lowest in nearly six years the previous session, with analysts predicting further falls as oversupply plagues the market.
Oil tumbled 5 per cent to near six-ye
Global oil prices continued the week's rout with benchmark Brent crude falling for a fourth consecutive session on Tuesday to its lowest in almost six years, despite China reporting record crude imports.
Oil fell 5 per cent to its l
Global oil prices extended their slide on Monday weighed by weakening demand in Europe and Asia, while refineries in Philadelphia and Ohio were hit hard by fires over the weekend, curtailing demand for crude in the US.
Global oil markets resumed their slide on Friday, with Brent and US crude hitting April 2009 lows and ending down for a seventh straight week, although prices recovered from their lows after a sharp drop in the US oil rig count.
Edward Hadas is a Reuters analyst. Any opinions expressed here are the author's own.
The oil price is still too high, often too low and much too volatile. In other words, this is a market that doesn’t work well
Brent crude oil prices fell below $50 a barrel for the first time since May 2009 on Wednesday as global business growth slowed to its weakest in a year, and analysts said a growing supply glut meant more falls were likely.
Saudi Arabia's King Abdullah said on Tuesday the world's top oil exporter would deal "with a firm will" with the challenge posed by lower oil prices in a speech read on his behalf by Crown Prince Salman and broadcast on state t
Oil edged up on Tuesday, recovering from a five per cent plunge in the previous session that saw prices touch fresh 5-1/2 year lows in an oversupplied market.
Growth in oil supplies showed no sign of abating, with output in Russia