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NYMEX crude up in Asia as sentiment whipsawed by currency moves

Published 01/15/2015, 08:43 PM
Updated 01/15/2015, 08:44 PM
© Reuters. NYMEX crude up in Asia
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Investing.com - Crude oil prices rebounded in Asia on Friday with sharp swings in currencies and the commodity complex whipsawing market sentiment.

On the New York Mercantile Exchange, crude oil for delivery in February rose 0.51% to $46.49 a barrel.

Overnight, oil futures swung between significant gains and losses in choppy trade on Thursday, as investors eyed movements in the currency market for direction.

A day earlier, New York-traded oil futures surged $2.59, or 5.64%, to settle at $48.48 a barrel, as investors returned to the market to close out bets on lower prices. NYMEX prices hit $44.20 on Tuesday, a level not seen since March 2009.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 6 cents, or 0.11%, to trade at $49.81 a barrel on Thursday. Brent traded in a range between $48.14 and $52.38 a barrel.

London-traded Brent prices have fallen nearly 60% since June, when it climbed near $116, while WTI futures are down almost 58% from a recent peak of $107.50 in June.

Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent months.

At the same time, increasing supplies of crude oil from North American shale formations have helped create a glut in world markets.

Oil prices hit the highest levels of the session after the Swiss National Bank announced that it would discontinue the minimum exchange rate of 1.20 per euro, while lowering interest rates further into negative territory.

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