Oil prices rebound on signs of U.S. shale production slowing
Wednesday, 23 January 2019 19:45 WIB |
Oil futures bounced back Wednesday from the day earlier's sharp retreat, finding traction after data suggested a slowdown in U.S. shale production.
Prices on Tuesday came under pressure after a warning for 2019 global growth from the International Monetary Fund and weak economic data out of China, which underlined concerns about global economic growth and energy demand.
But support emerged late Tuesday from data out just ahead of the settlement and carried over to early trading so far. The Energy Information Administration estimated a rise of 62,000 barrels a day in February shale oil output, from a month earlier, to 8.179 million barrels a day. The agency had forecast an increase of more than double that for January from December.
West Texas Intermediate crude for March delivery rose 37 cents, or 0.7%, at 453.38 a barrel. March Brent was up 50 cents, or 0.8%, to $61.97 on ICE Futures Europe.