Oil prices rise to $51 after reaching its lowest since June 2017

TEHRAN, Dec. 26 (MNA) – Oil rose to $51 a barrel on Wednesday on perceptions that a price slide to 2017 lows prompted by economic worries had been overdone amid an OPEC-led effort to tighten supply.

Brent crude LCOc1, the global benchmark, was up 70 cents at $51.17 at 1120 GMT. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2 percent slide in the previous session, Reuters reported.

“I think there is a little bit of over-extension to the downside linked to global market fears,” said Olivier Jakob, analyst at Petromatrix. “It’s all about equities.”

“OPEC has shown it wants a higher prices and is working towards that goal.”

Trade was thin due to the Christmas holidays. Asian stock markets retreated again on Wednesday. Markets in Britain, Germany and France will remain closed on Wednesday.


News Code 140934


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