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US crude oil prices stabilise but market sentiment remains bearish

Published 2016-01-20, 07:30 p/m
© Reuters. US crude oil prices stabilise but market sentiment remains bearish
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By Henning Gloystein
SINGAPORE, Jan 21 (Reuters) - U.S. crude oil prices
stabilised in early Asian trade on Thursday after hitting fresh
2003 lows the session before, but analysts said a persistent
global glut would keep pressuring markets.
U.S. oil futures crashed below $27 dollars a barrel on
Wednesday for the first time since 2003, caught in a broad slump
across world financial markets as traders worried that a huge
oversupply in oil was coinciding with an economic slowdown,
especially in China.
In early Thursday trading, oil prices stabilised, with
front-month West Texas Intermediate (WTI) crude futures CLc1
trading at $28.70 per barrel at 0021 GMT.
That was over $2 above its last close, although traders said
that the jump was misleading due to the roll-over of front-month
contracts overnight.
Yet broader market sentiment remained bearish as producers
around the world pump 1-2 million barrels of crude every day in
excess of demand, creating a huge storage overhang.
"We believe prices are likely to come under more pressure
after the release of EIA inventory data," ANZ bank said on
Thursday.
The U.S. Energy Information Administration is due to publish
official storage data later in the day.

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