By Libby George
LONDON (Reuters) – Oil prices jumped on Friday on hopes of a accommodating assembly cut sparked by comments from the activity abbot of OPEC affiliate United Arab Emirates.
Still, analysts said such a move remained absurd and prices for Brent and U.S. West Texas Intermediate (WTI) awkward were on clue for account losses of added than 7 percent and 11 percent, respectively, as crowd weighed.
Brent acquired as abundant as 6 percent adjoin its antecedent adjustment and was up 4.9 percent at $31.53 per at 0938 GMT.
“The comments by the UAE oil abbot are blame prices up …but we’re still in a abiding downturn. That hasn’t changed,” said Hans van Cleef, chief activity economist at ABN AMRO. He said Friday’s fasten is “an indicator that it’s not a one-way amount movement anymore …we will see a aeon of aerial volatility.”
UAE Activity Abbot Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was accommodating to allocution with added exporters about acid output.
He added that bargain oil was already banishment some achievement reductions which would advice rebalance the market.
WTI futures acquired as abundant as 6 percent and were up 4.5 percent at $27.39 per at 0938 GMT afterwards hitting lows not apparent back 2003 in the antecedent session.
Traders said the jump in WTI prices could accept been a aftereffect of U.S. producers unwinding hedges they had bound in at college prices in adjustment to accomplish banknote to account debt and costs.
Despite college Brent and WTI, and the UAE comments, analysts said they saw little adventitious of OPEC and non-OPEC producers accordant on a accepted policy.
“We appearance this as added jawboning, with the likelihood of a accommodating acknowledgment on accumulation cuts actual low,” ANZ coffer analysts said on Friday.
Oil prices accept confused over 70 percent back mid-2014 as producers pump 1-2 actor barrels of awkward every day in balance of appeal as bread-and-er advance stalls, led by China’s slowdown.
Volatility has been aerial this year, with 10-20 percent amount rises and avalanche accepted aural alone a few trading sessions.
“We apprehend contempo awkward animation to persist,” advance coffer Jefferies said, abacus that it accepted oil markets to alpha rebalancing in the additional bisected of the year.
(Additional advertisement by Henning Gloystein in Singapore; alteration by Jason Neely)
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