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22 Dec 2015
Oil stages a recovery, WTI up nearly 2%
FXStreet (Córdoba) - Oil prices staged a nice recovery on Tuesday a day after WTI fell below $34.00 a barrel and Brent posted a fresh 11-year low.
WTI crude for february delivery rose more than 2% to a high of $36.54 a barrel before easing to $36.40. Meanwhile Brent was hovering around $36.50 a barrel, having hit a decade low of $36.04 the precious day.
Despite today’s bounce, both benchmarks remain near multi-year lows and lingering concerns of a global supply glut keep the upside limited.
WTI crude for february delivery rose more than 2% to a high of $36.54 a barrel before easing to $36.40. Meanwhile Brent was hovering around $36.50 a barrel, having hit a decade low of $36.04 the precious day.
Despite today’s bounce, both benchmarks remain near multi-year lows and lingering concerns of a global supply glut keep the upside limited.