AFP, Singapore :
Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that OPEC had overproduced in December, while it also cut its global demand outlook.
US benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 22 cents at $46.47.
Brent North Sea crude for March added 12 cents to $48.39. The February contract for Brent fell $1.02 Thursday, its last day of trading.
Despite Friday’s small gains, the market remains depressed by a supply glut and weak demand, while analysts warned of more volatility to come.
The 12-nation OPEC cartel, which produces about one third of global supplies, said in a monthly report Thursday that its production rose to 30.2 million barrels a day in December, above its 30 million limit.
It also projected that demand for its oil would fall to 28.8 million barrels per day this year from 29.1 million in 2014.
“The yo-yo effect of the crude oil prices can be attributed to the uncertainty in the market.
Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that OPEC had overproduced in December, while it also cut its global demand outlook.
US benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 22 cents at $46.47.
Brent North Sea crude for March added 12 cents to $48.39. The February contract for Brent fell $1.02 Thursday, its last day of trading.
Despite Friday’s small gains, the market remains depressed by a supply glut and weak demand, while analysts warned of more volatility to come.
The 12-nation OPEC cartel, which produces about one third of global supplies, said in a monthly report Thursday that its production rose to 30.2 million barrels a day in December, above its 30 million limit.
It also projected that demand for its oil would fall to 28.8 million barrels per day this year from 29.1 million in 2014.
“The yo-yo effect of the crude oil prices can be attributed to the uncertainty in the market.
