Crude Oil Snaps Back Despite OPEC Doubts

Crude oil prices steadied Wednesday after big losses in previous session, as traders looked ahead to U.S. inventories data.

The American Petroleum Institute’s weekly report is out this afternoon, while the Energy Information Administration official data is out tomorrow morning.

Feb. WTI oil settled at $53.26/bbl on Nymex, up 93 cents, or 1.8%.

Prices fell yesterday amid reports that top OPEC members were pumping oil at a furious pace ahead of planned output cuts.

Reports also surfaced that Iraq is already accusing OPEC partner Kurdistan of breaking agreements to curb production in January.

Because of this, analysts say it may take even longer to chip away at the oil supply glut that has weighed on energy prices.

Meanwhile, the Federal Reserve hinted further rate hikes may come faster then expected.

The pace of further interest rate hikes may speed up if the jobs market continues to improve, according to the minutes of the December meeting of the Federal Open Market Committee.

The material has been provided by InstaForex Company –

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