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Oil prices recover from its lowest level in two months during Asian trade

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Rocky


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Oil prices recover from its lowest level in two months during Asian trade



November 12, 2015  0



Recovered the price of oil futures contracts from their lowest levels in more than two months during the Asian trading on Thursday, after a sharp drop in the previous session sparked by fears that the return of balance to the market will take a lot longer than many people expect with a supply exceeds demand by a wide margin.

And increased US crude contracts for the nearest maturity of 23 cents or 0.54 percent to 43.16 dollars a barrel by 0500 GMT after it landed about 3 percent in the previous session influenced by an increase in production and stocks of oil in the United States economic slowdown in Asia, especially in China and Japan.

And increased international Brent crude contracts for Brent 25 cents or 0.55 percent to $ 46.06 a barrel after recording a loss of 3.4 percent in the previous session.

ANZ Bank said today, "rising US inventories remain a major factor pushing crude prices to fall ... Iraq also increases pressure on US shale oil producers. Iraq shipped about 10 oil tankers in the past few weeks for the delivery of crude in US ports in November. "

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