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MTECHTIPS:-U.S. crude pares losses after falling 7%, amid continued supply fears

Thursday, January 21, 2016 4:51

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MTECHTIPS:-U.S. crude pares losses after falling 7%, amid continued supply fears

Crude futures fell to fresh 12-year lows on Wednesday before paring some of their losses shortly before the close of trading, amid mounting concerns of a widening gulf between global supply and demand levels.On the New York Mercantile Exchange, WTI crude for March delivery traded in a broad range between $27.57 and $29.75 a barrel, before settling at $28.37, down 1.22 or 4.08% on the session. Since New Year’s Eve, U.S. crude has plunged more than 20% extending massive losses from 2015 when Texas light, sweet futures flirted with multi-year lows throughout the year. Losses in the February contract were even sharper, plummeting as much as 7% to an intraday low of $26.30 on its final day of trading before expiring. U.S. crude rebounded slightly late in the session, as investors covered their short positions from the massive sell-off. On the Intercontinental Exchange (ICE), brent crude for March delivery wavered between $27.11 and $28.84 a barrel, before closing at $27.93, down 0.83 or 2.86% on the day. Meanwhile, the spread between the U.S.

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