Oil prices rebound after sharp losses | Inquirer Business

Oil prices rebound after sharp losses

/ 10:45 AM September 22, 2012

NEW YORK — Oil prices headed higher Friday after a week of sharp falls, but analysts remained bearish on the prospects for further slow global economic growth.

New York’s benchmark contract, West Texas Intermediate crude for November delivery, rose 47 cents from Thursday to $92.89 a barrel.

ADVERTISEMENT

In London, Brent North Sea for November ended up $1.39 at $111.42 a barrel.

Analysts saw the upturn as more of a correction from the heavy selling early in the week, when the two contracts sank $7-8 a barrel.

FEATURED STORIES

“I wouldn’t get too excited for the WTI bulls, this is just a little deleveraging before the week-end,” said Rich Ilczyszyn of iiTrader.com.

“We’re just a little bit oversold… After an eight dollar drop, you have some profit taking,” he said.

David Bouckhout of TD Securities said talk that Spain could soon firm up a rescue deal to shore up its finances also encouraged buying.

A Financial Times report on Friday said EU authorities were working behind the scenes to prepare the ground for a new rescue program and unlimited bond buying by the European Central Bank for Madrid, which would be unveiled next week.

“Rumors that Spain is looking at bailout options (…) could be good for risk assets,” Bouckhout said.

He also pointed to ongoing tensions in the Middle East, which he said offers “consistent support for the market.”

Subscribe to our business newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Commodities, Energy, oil, Price
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.