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Brent crude and West Texas Intermediate recovered from five-year lows helped by a weaker U.S. dollar. Brent Crude added +0.98% trading at USD64.87 a barrel, and West Texas Intermediate gained +0.80% currently quoted at USD61.43. Oil prices were under further pressure after comments from Saudi Oil Minister Ali al-Naimi on Wednesday that he sees no reason why Saudi Arabia should trim output rates and that the oil price is going to balance itself. Other OPEC members are evaluating whether to call for an emergency meeting early next year or not.
Yesterday Kuwait offered the biggest discount to its Asian customers since December 2008, following Saudi Arabia and Iraq and the OPEC published data showing that demand for its crude will fall to its lowest in 2015 in more than ten years.
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