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Brent crude and West Texas Intermediate are trading significantly higher today as recent selloffs to five-year lows were judged excessive by market participants. Speculations on low oil prices affecting future production further stabilized prices. Oil fell by almost half since June under pressure from concerns about forecasts slow recovery in global demand and oversupply of stocks. Last Friday, the International Energy Agency cut its forecast for global oil demand next year by 230,000 barrels per day to 900,000 barrels after similar cuts by OPEC and the Office of information in the field of Energy.
Brent Crude added +3.06%, currently trading at USD63.05 a barrel. Crude hit a low at USD58.50 this week. West Texas Intermediate rose +3.03% currently quoted at USD58.18.
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