Oil prices rebound after Christmas Eve sell-off

POL prices likely to decrease

The West Texas Intermediate for February delivery rose 3.69 USA dollars to settle at 46.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery increased 4 dollars to close at 54.47 dollars a barrel on the London ICE Futures Exchange.

LONDON-Oil edged up to $51 a barrel on Wednesday in the wake of achieving its most minimal since June 2017 on observations that a value slide provoked by stresses over the worldwide economy had been exaggerated in the midst of an OPEC-drove exertion to fix supply. The measures might have to include deeper cuts seeing as the 1.2-million-bpd announced by OPEC+ earlier this month failed to impress a market in turmoil.

OPEC hasn't even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.

Broader financial markets have been under pressure on worries about a global economic slowdown amid higher US interest rates and the U.S. USA crude was up 10 per cent to US$46.80 a barrel, while Brent rose 9.2 per cent to US$55.11 a barrel.

Despite the latest OPEC headlines, concerns over the potential negative impact of a global economic slowdown on oil demand and the record production levels to major producers continue to weigh on crude oil prices. However, the market seems to be ignoring this move as oil prices are continuously falling in the global market despite this production cut.

"I think there is a little bit of over-extension to the downside linked to global market fears", said Olivier Jakob, analyst at Petromatrix.

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"There are several bearish factors in oil markets, and the situation won't improve anytime soon".

U.S. crude futures settled at $42.53 a barrel, down $3.06, or 6.7 per cent. Brent crude futures settled down $3.35, or 6.2 per cent, at $50.47 a barrel. Russian Energy Minister Alexander Novak said on Tuesday that oil prices would become more stable in the first half of 2019, supported by OPEC and non-OPEC countries' joint efforts to cut output.

Brent crude, the global benchmark, was up $1.51, or 3 percent, to $52 as of 11:00 a.m. EST (1600 GMT).

WTI prices fell from $52.58 per barrel on December 13 to $42.53 per barrel earlier this week ahead of the Christmas holiday.

That follows the United Arab Emirates energy minister's remarks signaling the producers could have an extraordinary Opec meeting and discuss additional curbs if needed.

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