West TX Oil Steadies Around $46

U.S. crude futures edged above $46 a barrel on Wednesday, helped by a flurry of short-covering as traders moved to cash in profitable short positions as the price trades not far from a near six-year low hit a day earlier.

NYMEX crude for February delivery was up 14 cents at $46.03 a barrel by 2345 GMT, after settling down 18 cents on Tuesday. It hit $44.20 on Tuesday, a price last seen in April 2009.  London Brent crude for February delivery, which expires on Thursday, was untraded yet, after settling down 84 cents at $46.59.

OPEC will not cut its oil output to support prices but expects higher-cost producers to do so, the United Arab Emirates energy minister insisted on Tuesday.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.