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MTECHTIPS:-NYMEX crude rebounds in Asia on output cut talk

Thursday, February 4, 2016 4:42

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MTECHTIPS:-NYMEX crude rebounds in Asia on output cut talk

Crude oil prices rebounded in Asia on Thursday as investors took profits off a sharp surge sparked by talk of output cuts by major producers. On the New York Mercantile Exchange, WTI crude for March delivery rose 1.07% to $32.59 a barrel following an early round of profit taking. Overnight, U.S. crude futures surged more than 8% on Wednesday, amid a severely weakening dollar, as energy traders shrugged off a considerable build in U.S. crude futures in favor of growing support for an emergency OPEC meeting aimed at addressing longstanding concerns related to excessive supply. U.S. crude futures rallied one day after closing below $30 for the first time in more than a week, as optimism of a high-level meeting between Russia and Saudi Arabia faded. The prospects of a meeting triggered a major rally last week, amid reports that the oil powers could slash production as much as 5%. WTI crude is still near its 12-year low from late last month when it slid below $27 a barrel to fall to its lowest level since 2003. On the Intercontinental Exchange (ICE), Brent crude for April delivery wavered between $32.30 and $34.98 a barrel, before closing at $35.04, up 2.32 or 7.09% on the session. North Sea brent crude followed a five-day winning streak from last week by tumbling by approximately $3 a barrel during the prior two sessions. Last Friday, brent crude eclipsed $36 a barrel, capping a 25% rebound. The international benchmark also hit its lowest levels since 2003 last month after a litany of economic sanctions were lifted against Iran, paving the way for the Gulf nation to ramp up its exports in the coming months.

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