London — Oil bounced back from a one-week low on Thursday as the International Energy Agency (IEA) said global oil markets were tightening even before cuts promised by oil cartel Opec and other producers could take shape. Oil prices have gyrated this year as the market’s focus has swung from the hope that oversupply may be curbed by output cuts announced by Opec and others producers to the fear that a rebound in US shale production could swamp any such reductions. Brent crude, the international benchmark for oil prices, was up 27c at $54.19 a barrel by 10.15am GMT after closing down 2.8% in the previous session. US West Texas Intermediate crude oil was up 25c at $51.33 a barrel, having dropped to a one-week low on Wednesday at $50.91 a barrel. The IEA said that while it was "far too soon" to gauge Opec members’ levels of compliance with promised cuts, commercial oil inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.