Oil prices rebound, helped by weak dollar and Saudi supply cuts
Saudi Arabia is expected to cut February physical crude prices, with oil prices still volatile as the markets are roiled by Apple warning
London — Oil prices rebounded on Thursday after an early slide, helped by dollar weakness and signs of output cuts by the world’s top crude exporter Saudi Arabia that eased concerns about a glut. International Brent crude futures were up 94C at $55.85 a barrel by 1.40pm GMT. US West Texas Intermediate (WTI) oil futures rose 65c to $47.19 a barrel. “The feeling is that oil cartel Opec is delivering on cuts,” SEB head of commodities Bjarne Schieldrop said, citing a Bloomberg survey showing Saudi Arabia had cut production significantly. The dollar added support as it slipped against a basket of currencies, making dollar-denominated oil cheaper for holders of other currencies. Opec, led by Saudi Arabia, alongside other producers, led by Russia, agreed last year to rein in supplies starting from January after oil tumbled from above $86 on worries about surging output. In physical oil markets, Riyadh is expected to cut February prices for heavier crude grades sold to Asia by up to 50c a b...
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.