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© Reuters. Investing.com – West Texas Intermediate (WTI) crude oil rose sharply Wednesday following the reopening of Christmas markets, with a value of more than 6%. WTI recovers almost all of the 6.7% loss seen on Christmas Eve.
Brent Brent, the international benchmark for merchandise traded in London, experienced a little less fervor, increasing by about 5%. British markets remain closed for Christmas Day holidays.
At 15:03 GMT brought him $ 2.85, or 6.7 per cent, at $ 45.38 per barrel. It fell $ 3.06, or nearly 7%, Monday after reaching its lowest price since June 2017. Despite the recovery, the WTI index remains down 25% year-over-year. and remains 42% lower. October peak, where he was listed at $ 77 a barrel, the highest gain in four years.
The increase of $ 2.75, or 5.4%, to $ 53.52, after reaching the lowest city since August 2017 on Monday. Brent continues to fall by 20% in one year and is down 41% from the peak reached in four years, while it stood at nearly $ 87 a barrel at the beginning of the year. ;October.
The Christmas Eve crash was linked to the fear of a possible slowdown in the global economy and the possibility of prolonged US downtime due to the budget stalemate that pushed Wall Street closer to the bear market. Shares rebounded Wednesday noon, the day of the stock market, which boosted oil recovery.
"It looks like there is help for oil before the end of the year because the Christmas Eve settlement was probably overestimated," said Phil Flynn, senior energy badyst at The Price Futures Group in Chicago. "But, on the other hand, you can say that this recovery is also exaggerated, because we simply do not know if the" bears "will come into effect afterwards."
The funds suffered significant oil losses this year with the consultancy fund Commodity Trading, or CTA, fell 7.1% in mid-December, Reuters reported, citing data Credit Suisse.
Although economic concerns have influenced the market, the outlook for oil is not so good. Olivier Jakob, an badyst at Petromatrix, said: low by the oversupply observed in 2016, as the OPEC is trying to boost the market,
The agreement of the producing countries, led by the & # 39; Saudi Arabia and its members agreed in early December to reduce production by 1.2 million barrels per day in the first six months of 2019 as part of a joint effort to avoid a surplus [19659003IfthisfailstobalancethemarketOPECanditsallieswillholdanextraordinarymeetingtheUnitedArabEmirates'senergyministerSuhailal-MazroueisaidonSundayTradershavebeenpreparinginrecentdaysforthepossibilitythattheWTIfallsbelow$40abarrelbeforetheendoftheyear
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