{"id":2372,"date":"2014-12-03T07:01:02","date_gmt":"2014-12-03T12:01:02","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2372"},"modified":"2014-12-03T07:01:02","modified_gmt":"2014-12-03T12:01:02","slug":"brent-rebounds-from-70-as-oil-rout-stutters-after-opec-inaction-bloomberg","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2372","title":{"rendered":"Brent Rebounds From $70 as Oil Rout Stutters After OPEC Inaction – Bloomberg"},"content":{"rendered":"

Brent Rebounds From $70 as Oil Rout Stutters After OPEC Inaction – Bloomberg<\/a>.<\/p>\n

Brent crude<\/a>\u00a0rebounded from near $70 a barrel as the market rout prompted by OPEC\u2019s failure to curb production falters. West Texas Intermediate rose for the second day in three.<\/p>\n

Futures advanced as much as 1.3 percent in London and 1.6 percent in\u00a0New York<\/a>. The global benchmarks fell 18 percent last month after the Organization of Petroleum Exporting Countries maintained its output target at 30 million barrels a day, opting to let low\u00a0oil prices<\/a>\u00a0force U.S. shale producers to cut supply. Saudi Arabia won\u2019t give up market share \u201cat this time for anybody,\u201d said Prince Turki Al-Faisal, the kingdom\u2019s former intelligence chief.<\/p>\n

Crude is in a\u00a0bear market<\/a>\u00a0as the U.S. pumps the most oil in more than three decades while global demand slows. OPEC, responsible for about 40 percent of the world\u2019s supply, resisted calls from members including\u00a0Venezuela<\/a>\u00a0to reduce its quota at the Nov. 27 meeting in Vienna.<\/p>\n

\u201cThe market is still trying to find its feet following the OPEC meeting last week,\u201d Jens Naervig Pedersen, a commodities analyst at Danske Bank A\/S, said by e-mail from Copenhagen today. \u201cThere seems to be some short-term support around the $70 to $72-a-barrel mark for Brent. But overall the market is still plagued by uncertainty.\u201d<\/p>\n

Brent for January settlement gained as much as 92 cents to $71.46 a barrel on the London-based ICE Futures Europe exchange and was at $70.81 at 10:41 a.m. London time. It dropped $2 yesterday to $70.54. The European benchmark crude traded at a premium of $3.46 to WTI. Prices are down 36 percent this year.<\/p>\n

…click on the above link to read the rest of the article…<\/div>\n","protected":false},"excerpt":{"rendered":"

Brent Rebounds From $70 as Oil Rout Stutters After OPEC Inaction – Bloomberg. Brent crude\u00a0rebounded from near $70 a barrel as the market rout prompted by OPEC\u2019s failure to curb production falters. West Texas Intermediate rose for the second day in three. Futures advanced as much as 1.3 percent in London and 1.6 percent in\u00a0New […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[91,184,592,1451],"class_list":["post-2372","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-brent-crude","tag-crude-oil","tag-oil-price","tag-west-texas-intermediate"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2372"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2372\/revisions"}],"predecessor-version":[{"id":2373,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2372\/revisions\/2373"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}