Oil prices rebound on lower output from US, Russia, OPEC
Oil prices rebounded in early Asian trade on Tuesday after production at the world’s largest oil producers fell in the third quarter, although demand concerns continued to keep a keep a lid on prices.
December Brent crude futures rose 44 cents, or 0.7 per cent to $59.69 a barrel by 0202 GMT, while US West Texas Intermediate crude was up 39 cents, or 0.7 per cent, at $54.46 a barrel. Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the US-China trade war.
“Asia has seen some profit-taking from short-term money and other bargain hunters,” Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA in Singapore, said.
