Crude Oil Prices Rebound After Christmas Eve Rout

Oil producers to have extra meeting if output cuts 'not enough': UAE

The head of Russian oil company Rosneft, Igor Sechin, predicted an oil price of $50-$53 in 2019, a long way south of the four-year high of $86 for Brent crude reached earlier this year.

But, he added, economic worries will continue to weigh unless OPEC reassures the market as to the viability of the supply cuts and "even imposes deeper ones as some members have suggested".

Offering further support to oil prices, USA crude inventories were forecast to drop 2.7 million barrels in the week to December 21, marking their fourth straight week fall, according to a preliminary Reuters poll on Wednesday.

OPEC is said to deepen output cuts. The U.S. benchmark is down about 16 percent since the producer group announced the agreement. Meanwhile, S&P 500 Index futures fluctuated Wednesday while the benchmark United States gauge is at the brink of sliding into a bear market. Today at 09:35 AM ET, the worldwide benchmark had recovered slightly, rising 1.34 percent to US$51.45 a barrel, after shedding as much as 6.2 percent in the previous trading session to close at US$50.47 a barrel, Reuters reports. The U.A.E.'s energy minister, while stressing that the 1.2-million barrel-a-day cut will clear an inventory buildup in the first half, hinted additional curbs could be discussed. At the same time, President Donald J. Trump's trade war with China and the Federal Reserve's policy on interest rates have clouded the outlook for global economic growth.

"I think there is a little bit of over-extension to the downside linked to global market fears", said Olivier Jakob, analyst at Petromatrix.

More news: Trump pulls the plug on Afghanistan

Oil Talking Points Crude oil prices pare the decline from earlier this week as Kazakhstan's Minister of Energy, Kanat Bozumbayev, anticipates the Organization of the Petroleum Exporting Countries (OPEC) and its allies to 'stabilize the situation with energetic measures in January-February-March, ' and the failed attempt to test the June 2017-low ($42.05) may generate a larger rebound ahead of 2019 as the Relative Strength Index (RSI) bounces back from oversold territory.

Brent crude oil futures had yet to trade.

West Texas Intermediate for February delivery fell $1.41 to $44.18 a barrel. The U.S. benchmark on Monday finished at the lowest for a front-month contract since July 21, 2017, and remains down roughly 9.25% so far this month, according to Dow Jones Market Data.

A similar decline was also reported on the Brent stock exchange in London.

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