Oil Prices Risk Larger Rebound as RSI Recovers From Oversold Territory

Oil Prices Risk Larger Rebound as RSI Recovers From Oversold Territory

Meanwhile, the USA administration is struggling to contain the market turmoil, which intensified in the wake of a Bloomberg News report that Donald Trump had discussed firing Powell.

"But market confidence needs to be restored for oil price...that includes an equity market rebound and/or a bigger production cut from major oil exporters", Yang said, referring to an Opec-led agreement to lower output starting next month.

U.S. West Texas Intermediate (WTI) crude futures CLc1, were up 29 cents, or 0.68 percent, at $42.82 per barrel, at 0355 GMT, having at one point risen as high as 2 percent from the last close. EOG Resources (EOG), a big USA shale producer, was flat.

But if oil companies curb activity and the economy doesn't perform as badly as the stock market suggests, then Flynn warns that oil prices could spike in 2019.

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The macroeconomic picture and its impact on oil demand continue to pressure prices. Yet, crude's descent has deepened as investors doubt the reductions will be sufficient to dent supply levels, with US crude output still above 11 million barrels a day on a weekly basis.

Mr Sechin, an ally of Russian president Vladimir Putin and a critic of Opec, said the price slump was mostly linked to the U.S. rate hike announced last week.

At the same time, an ongoing trade war between the US and China and the Federal Reserve's rate policy are causing concerns over global economic growth.

Should that fail to balance the market, OPEC and its allies will hold an extraordinary meeting, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday.

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"The main input over the weekend has been the continued intervention by OPEC members", said Olivier Jakob, managing director at Petromatrix.

Anxious that another overabundance could frame, OPEC and its partners including Russian Federation chose not long ago to come back to an approach of cutting generation in 2019, loosening up a choice taken in June 2018 to siphon more oil. Bloomberg quoted a Rakuten Securities analyst as saying, "There are several bearish factors in oil markets, and the situation won't improve anytime soon".

During Wednesday's trading sessions on the exchanges of London and NY, the crude oil prices went up greatly, Kazinform correspondent reports. It earlier fell to $49.93, lowest since July 2017, after a 6.2pc slide in the previous session.

Brent for February settlement dipped $1.39 to $52.43 a barrel on London's ICE Futures Europe exchange.

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