The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil rebounds from lowest close in 12 years to pare weekly loss

Pubdate:2016-02-15 10:25 Source:mcc Click:
NEW YORK (Bloomberg) -- Oil rebounded from the lowest level in more than 12 years, paring its biggest weekly loss in a month as the rout in equities eased and OPEC reiterated its willingness to engage with other producers.
 
Futures rose as much as 5.9% in New York after settling at the lowest since May 2003. The Stoxx Europe 600 Index rallied from its lowest close since September 2013. The CBOE Crude Oil Volatility Index, which measures expectations of price swings, climbed to the highest level in seven years Thursday. Producers are ready to work together and suppliers won’t make cuts unless there is complete cooperation, United Arab Emirates Oil Minister Suhail Al Mazrouei said on a Sky News Arabia report posted online Feb. 10.
 
Crude is still poised for a second weekly drop on speculation a global surplus will persist amid record U.S. stockpiles and the potential for increased exports from Iran as sanctions are lifted. Oil rallied above $32/bbl last week and Venezuela said six OPEC producers and non-member states including Russia would be open to an extraordinary meeting. Prices plunged 19% the next six sessions on skepticism a deal could be reached.
 
“The market may get some support from the ongoing talk about an OPEC supply cut,” said Jens Pedersen, senior analyst at Danske Bank A/S in Copenhagen. Still, “the market is increasingly worried about the outlook for demand and in particular demand on the U.S. market.”
 
Coordinated Cuts
 
West Texas Intermediate for March delivery rose as much as $1.55 to $27.76/bbl on the New York Mercantile Exchange and was at $27.36 at 12:26 p.m. London time. The contract slid $1.24 to close at $26.21 on Thursday, capping the biggest six-day slide since January 2009. Total volume traded was about 34% above the 100-day average. Prices are down 11% this week and 26% lower this year.
 
Brent for April settlement added as much as $1.79, or 6%, to $31.85/bbl on the London-based ICE Futures Europe exchange. Prices are down about 7% this week. The European benchmark crude traded at a premium of $1.23 to WTI for April.
 
“‘Prices are not appropriate, I won’t say for the majority only, but for all producers,” U.A.E.’s Al Mazrouei said in an interview in Arabic on Wednesday. “The people who have spent money and have this investment, it’s natural that they won’t make cuts alone unless there is complete cooperation from everybody in that area.”
 
WTI prices on Thursday afternoon in the U.S. pared earlier losses after a Wall Street Journal reporter tweeted Al Mazrouei’s comments.
 
Russian Doubts
 
Venezuela has lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting between members of the Organization of Petroleum Exporting Countries and other suppliers in an attempt to reach an agreement to balance the market. Russia’s largest oil producer Rosneft OJSC said Feb. 10 that it will defend traditional markets and expressed doubts over any coordinated action.
 
Refiners in the U.S. are slowing processing as profits shrink, exacerbating a crude stockpile glut that is already 130 MMbbl above the five-year average. Valero Energy Corp. and PBF Energy Inc. have cut production in Tennessee and Ohio, while PBF’s Toledo plant is losing money producing gasoline, CEO Tom Nimbley said Thursday.
 
Crude stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage hub, rose to a record 64.7 MMbbl last week, according to government data released Wednesday. The site has a working capacity of 73 MMbbl.
 
BP Plc CEO Robert Dudley this week said the company was “very bearish” on oil during the first half of this year, while trader Vitol Group BV sees a decade of low prices.
站长统计
主站蜘蛛池模板: 色噜噜狠狠色综合成人网| 国产福利电影在线观看| 国产白嫩美女在线观看| 内射人妻视频国内| 中文字幕在线免费看线人| 试看120秒做受小视频免费| 日韩欧美在线看| 在线a亚洲视频播放在线观看| 免费的毛片视频| jizzjizz之xxxx18| 菠萝蜜视频在线观看入口| 欧美xxxxx69| 国产欧美日韩综合精品一区二区 | 老师办公室被吃奶好爽在线观看| 日本网站在线看| 国产精品一区久久| 亚洲sss综合天堂久久久| 99精品视频在线观看免费专区| 老师你好电影高清完整版在线观看| 日本xxxx色视频在线播放| 国产日产在线观看| 久久青青草原亚洲AV无码麻豆| 99re在线这里只有精品免费| 精品国产一区二区三区2021| 日本精品www色| 国产亚洲综合欧美视频| 亚欧人成精品免费观看| 麻豆乱码国产一区二区三区| 欧美人和黑人牲交网站上线| 国产精品jizz在线观看老狼| 九九免费精品视频在这里| 青青草国产精品| 成年女人免费播放影院| 国产亚洲欧美日韩亚洲中文色 | 在线永久免费观看黄网站| 亚洲欧美日韩精品一区| eeuss影院在线观看| 欧美精品18videosex性欧美| 大佬和我的365天2在线观看| 十九岁日本电影免费完整版观看| japanese色国产在线看免费|