Oil prices bounced back in Asia Friday after diving to fresh lows in the previous session on expectations that OPEC is unlikely to cut production levels to counter a global supply glut.
US benchmark West Texas Intermediate (WTI) for December delivery rose 27 cents to $74.48 while Brent crude for January gained 61 cents to $78.10 in mid-morning trade.
WTI plunged $2.97 in New York trade Thursday, while Brent crude for December dived $2.46 in London on the last day of the contract.
"We are seeing a slight rise in oil prices at the moment, but the key driver is still bearish sentiment about any possible OPEC production cut," Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.
"Rightly or wrongly, we are seeing price adjustments in anticipation of OPEC not doing anything about global oversupply, or not doing enough," he added.
Concerns about a global supply glut were exacerbated after the latest US petroleum report by the Department of Energy released Thursday showed the country produced 9.063 million barrels per day in the week ended November 7.
That marked the highest production since at least January 1983 when the department began publishing the statistics.
US crude reserves at the oil hub in Cushing, Oklahoma, closely watched by traders because they serve as reference for WTI traded in New York, jumped by 1.7 million barrels last week to 22.5 million barrels.
Dealers are largely expecting the 12-nation Organization of Petroleum Exporting Countries to decide against reducing output to stem the global supply glut, in part caused by a flood of oil extracted from shale rock in the US.
OPEC's next meeting is set for November 27 in Vienna, home to the cartel's headquarters.
AFP
Fri Nov 14 2014
SPOONER: A slight rise in oil prices but the key driver is still bearish sentiment about any possible OPEC production cut. - File Photo
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.