The Traderszone Network

Published in TZ Latest News 20 January, 2015 by The TZ Newswire Staff

Brent crude oil rises above $48.50, but outlook remains weak

Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts said the outlook for the next six months remained bleak due to oversupply. Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action. Prices stabilised on Wednesday, with traders pointing to buying this week whenever benchmark Brent crude (LCOc1) dropped towards $48 a barrel. With the U.S.

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