Brent crude and West Texas Intermediate continue to rebound from 5-1/2 year lows ahead of ECB bond buying decision. Brent Crude added +0.78%, currently trading at USD49.41 a barrel, still below the important USD50 level. West Texas Intermediate rose by +0.15% currently quoted at USD47.85 amid a rising U.S. dollar that makes the dollar-priced commodity expensive for holders of other currencies. At the world economic forum in Davos Eni CEO Claudio Descalzi said that oil prices could spike to USD200 a barrel as the oil industry would cut investments as a consequence of falling prices - leading to longer term shortages in four to five years and called for a cut in output rates by the OPEC, who is responsible for 40% of worldwide oil production. OPEC secretary general Abdullah al-Badri said higher-cost producers should cut production first, reaffirming that the OPEC won't move first as the cartel fights for market share.
Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the supply of from the United States, Russia and Canada and other producers exceeded demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices.
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