Oil prices rebound in Asia but glut woes remain

AFP, SINGAPORE: Oil prices rose in Asia yesterday, giving a much-needed breather to the battered crude market, but traders remain on edge as the supply glut and weak demand that has sent prices to more than 12-year lows shows no sign of letting up.
The battered commodity has taken a hammering so far in 2016, with both main contracts already down about 25 per cent.
On Wednesday US benchmark West Texas Intermediate fell below $27 a barrel for the first time since May 2003, days after Brent touched below $28.
But bargain-hunting provided some support Thursday. 
WTI for March delivery, a new contract, rose 34 cents, or 1.20 per cent, to $28.69 a barrel by 0330 GMT, while Brent gained 38 cents, or 1.36 per cent, to $28.26.
WTI’s February contract sank to as low as $26.19 on its last day of trading in New York on Wednesday before closing at $26.55, the lowest level since May 2003.
However, expectations that a report due later in the day from the Energy Information Administration will show another increase in US commercial stockpiles limited gains, analysts said.

Oil prices rebound in Asia but glut woes remain

AFP, SINGAPORE: Oil prices rose in Asia yesterday, giving a much-needed breather to the battered crude market, but traders remain on edge as the supply glut and weak demand that has sent prices to more than 12-year lows shows no sign of letting up. The battered commodity has taken a hammering so far in 2016, with both main contracts already down about 25 per cent. On Wednesday USbenchmark West Texas Intermediate fell below $27 a barrel for the first time since May 2003, days after Brent touched below $28. But bargain-hunting provided some support Thursday. WTI for March delivery, a new contract, rose 34 cents, or 1.20 per cent, to $28.69 a barrel by 0330 GMT, while Brent gained 38 cents, or 1.36 per cent, to $28.26. WTIs February contract sank to as low as $26.19 on its last day of trading in New York on Wednesday before closing at $26.55, the lowest level since May 2003. However, expectations that a report due later in the day from the Energy Information Administration will show another increase in US commercial stockpiles limited gains, analysts said.