Thursday, 27 December 2018

US Oil Prices Extend Gains As Equities Rise, But Economic Worries Weigh

US oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains.
US West Texas Intermediate (WTI) crude futures, were up 26 cents, or 0.56 percent, at $46.48 per barrel at 0032 GMT. They jumped 8.7 percent to $46.22 per barrel in the previous session. Brent crude oil futures had yet to trade. They rose 8 percent to $54.47 a barrel the day before.
Global stocks rebounded on Wednesday on the back of the Trump administration's attempt to shore up investor confidence and a report on strong U.S. holiday spending.
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