Oil prices are mixed in today's trading. Brent Crude added 0.02%, currently trading at USD58.91 a barrel. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. and capital expenditure cuts. West Texas Intermediate declined for the sixth straight session by -0.49% currently quoted at USD49.21, as the U.S. supply glut drove prices down. Rig numbers declined by 37 in the last week according to the Industry Research Group Baker Hughes, the smallest weekly decline this year. U.S. supply is at record highs. Today API Crude Oil Inventories will be in the focus.
Yesterday prices rose on rumours that OPEC President Diezani Alison-Madueke, Nigeria's oil minister, would call an emergency meeting if prices continue to fall but prices fell as other OPEC officials said that there a no plans for such a meeting.
Oil prices lost more than 50% between June and January before rebounding from lows. Worldwide supply still exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share. Rising U.S. stockpiles are contributing to a global glut that drove prices lower. The U.S., Brazil, Russia and the OPEC are producing at record levels.