Wednesday, 7 October 2015

Crude oil futures push higher after range breakout

CRUDE OIL FUTURE rose further in thin Asian trade on Wednesday after breaking out of a month-long trading range on a forecast suggesting a global glut in supply may be easing.

Oil prices jumped more than $2 a barrel in the previous session with the global benchmark, Brent crude LCOc1 , closing above $50 a barrel for the first time in a month.

The contract rose 40 cents to $52.32 a barrel by 0110 GMT, after settling up $2.67, or 5.4 percent on Tuesday. But the volume was low with Chinese traders on holiday for National Day holidays that last through Wednesday.

The West Texas Intermediate (WTI) benchmark for U.S. crude gained 74 cents to $49.27 a barrel. The contract rose $2.27, or 4.9 percent, on Tuesday.

Global oil demand is expected to increase by the most in six years as supply from non-OPEC countries stalls, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday.

U.S. production, which has surged in recent years and caused a roughly 50 percent decline in prices since June last year, is also starting to decline.

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