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Oil rebounds in volatile trade
19 Dec 2014 07:07
Oil prices edged up in Asia today after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices.
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US benchmark West Texas Intermediate (WTI) for January delivery rose 73 cents to $54.84, while Brent crude for February gained 32 cents to $59.59.
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WTI had dived yesterday by $2.36 to its lowest since May 2009, while Brent tumbled $1.91.
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Crude prices have plunged about 50% since June due to plentiful supplies, a stronger dollar and weak demand as the global economy struggles, analysts say.
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