Share this article


U.K. Brent Crude Rallied 8% Despite Markets in Britain Remaining Closed for Boxing Day

download (21)

The Christmas Eve rout was linked to fears of a potential global economic slowdown and the possibility of a protracted U.S. government shutdown over budget that pushed Wall Street’s S&P 500 to near bear-market territory. Stocks rallied sharply in afternoon trading, adding fuel to oil’s recovery.

Brent was up $3.98, or 7.9%, at $54.57 by 2:42 PM ET (19:42 GMT). It fell to an Aug 2017 low of $50.66 on Monday. Brent remains down 18% on the year and is off 37% from four-year highs of nearly $87 a barrel hit in early October.

U.S. West Texas Intermediate crude rebounded forcefully on Wednesday as markets reopened from the Christmas holiday, surging 9% to recoup all of what it lost just before the break and more.

WTI settled up $3.69, or 8.7%, at $46.22 per barrel. It fell $3.06, or nearly 7% on Monday, after hitting June 2017 low of $42.53. Despite the rebound, WTI remains down 24% on the year and is off 40% from four-year highs of nearly $77 a barrel hit in early October.

“It looks like there’s some help for oil now before the year-end because the selloff on Christmas Eve was probably overdone,” said Phil Flynn, senior energy analyst at The Price Futures Group brokerage in Chicago. “But conversely, you can argue that this rebound is also overdone because we just don’t know if the bears will return in force after this.”

“I’m selling into this strength as I don’t believe it will sustain,” Tariq Zahir, an oil bear at Tyche Capital Advisors in New York, said.


Jet Airways Chairman Naresh Goyal to Invest Up to Rs 700 Crore in Jet Airways

Jet Airways chairman Naresh Goyal is ready to invest up to Rs 700 crore in Jet Airways on the condition that his stake does not fall below 25%. Goyal’s offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

Bihar CM Nitish Kumar Ready to Reconcile with RJD

Bihar Chief Minister Nitish Kumar on Tuesday night claimed that he has “lots of love” for Rashtriya Janata Dal (RJD) leader Tejashwi Yadav despite the “harsh words” the latter often uses.

PM Modi Lashes Out At Kerala Government for Sabarimala Mismanagement

In Kollam today for the launch of two projects, PM Modi said: “The CPM government’s conduct on Sabarimala will go down in history as the most shameful action of any government in power… We know CPM government never respected spirituality, religion… but no one thought it would turn so shameful”.

Spat Over Rafale Is On High Gear

In its response to Pune-based activist Vihar Durve who had sought the report from CAG, the country’s auditor said, “The audit is under progress and the report is yet to be finalised. The information cannot be given under Section 8(1)(C) of the RTI Act as the disclosure would cause breach of Parliament”.