Investing.com - Crude oil prices rebounded solidly in Asia on Friday with investors focused on the extent of a fall since June that pushed prices overnight down to levels last seen in 2009.
In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in February traded at $55.18 a barrel, up 1.50%, after hitting an overnight session low of $54.58 a barrel and off a high of $59.01 a barrel.
The global Brent crude contract ended down $1.91, or 3.1%, at $59.27 a barrel on Thursday. Both contracts ended at the lowest price since May 2009.
Oil prices fell on Thursday, wiping out an earlier rally stemming from a bullish U.S. inventory report, as concerns reemerged that global supply far outstrips demand.
Oil prices rallied on Wednesday due to short covering and on U.S. supply data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 0.847 million barrels in the week ending Dec, 12.
The draw fell short of expectations for a decline of 2.36 million barrels, though oil prices shot up as investors viewed an earlier American Petroleum Institute report revealing an unexpected 1.9 million barrel increase in U.S. oil stockpiles as an anomaly.
By Thursday, prices fell anew on concerns of a global supply glut, with investors searching for new support levels.
Despite an improving U.S. economy, headwinds continue to cool European and Asian economies and hamper demand for fuel and energy, while unrest in the Middle East and Ukraine has failed to disrupt supply as once feared.
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NYMEX crude rebounds solidly in Asia as investors see decline overdone
Published 12/18/2014, 08:04 PM
Updated 12/18/2014, 08:06 PM
NYMEX crude rebounds solidly in Asia as investors see decline overdone
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