Author: LBZEzrabkejxx

Energy prices rebounded as a report suggested that Iran might consider cutting output to support prices. The front-month WTI crude contract rose +2.23% and settled at 48.1, while the Brent contract gained +1.63% and closed at 49.96 for the day. Refinery products also climbed higher with heating oil and RBOB gasoline contracts up around +1%. Gains were pared after settlement as a report showed surprising increase in US inventory. Wall Street firmed as support energy sector.

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Energy Prices Rebounded, Lifted by Iran Rumors

Crude oil resumed the decline on supply concerns while equities generally strengthened. The market remained positive as the Fed was upbeat over US growth but showed no imminence to rate hike. Meanwhile, heightened speculations that the ECB would include sovereign debt buying in January and SNB’s unexpected rate cut also lifted sentiment.

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SNB surprisingly Trimmed Rates to Negative