Oil rides market-rebound wave
Brent climbs on the expectation that an Opec-led output cut will stabilise the market
Singapore — Oil prices climbed by more than 1% on Wednesday amid a broad stock market rebound and on the expectation that an Opec-led output cut for 2019 would stabilise the supply-demand balance. Disruptions to Libyan oil exports after local militia seized the country’s biggest oil field, El Sharara, were also buoying prices, traders said. International Brent crude oil futures were at $60.92 a barrel at 4.54am GMT, up 72c, or 1.2%, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.29 a barrel, up 64c, or 1.2%. The higher prices came amid an increase in Asian share markets after US President Donald Trump told Reuters that trade talks with China were taking place to defuse the trade dispute between the world’s two biggest economies. Despite Tuesday’s more confident market, analysts warned of an economic slowdown. “The global economy is set to cool in 2019/2020, as rising interest rates and inflation begin to limit consumption in major developed economi...
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