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News: West Texas Intermediate flirts with US$50 a barrel

  1. West Texas Intermediate crude-oil futures briefly tapped US$50 a barrel overnight, pushing back against earlier losses that stemmed from strikes at U.S. refineries and sluggish manufacturing data from China.

    On the New York Mercantile Exchange, West Texas Intermediate for March delivery swung higher by 2.8% to US$49.57 a barrel after touching a session high at US$50.56.

    Nymex crude last month lost 9.4% and has been down for seven consecutive months.

    Brent crude for March delivery reversed course and rose 3% to US$54.60 a barrel on London’s ICE Futures exchange. The contract had been down more than 2%.

     

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