"The drop yesterday was primarily a result of profit-taking after a rather strong price gain," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. "The up and down of the prices reflect the volatility of the market."
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Oil Prices Bounced Back On OPEC Cuts Worries
Oil prices rebounded in Asian trading Friday after tumbling a day earlier
Oil prices rebounded in Asian trading Friday after tumbling a day earlier amid re-emerging doubts that OPEC members are actually making the production cuts they promised last year.
Light, sweet crude for March delivery rose 24 cents to $54.47 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore. Crude prices had risen as high as $55.90 a barrel Thursday before settling at $54.23 a barrel.
"The drop yesterday was primarily a result of profit-taking after a rather strong price gain," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. "The up and down of the prices reflect the volatility of the market."
The Organization of Petroleum Exporting Countries said it would begin cutting production by 1.2 million barrels a day in November, but some traders speculate OPEC members are not complying. The cartel also said late last year it planned to cut production another 500,000 barrels a day starting Feb. 1.
"The drop yesterday was primarily a result of profit-taking after a rather strong price gain," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. "The up and down of the prices reflect the volatility of the market."
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