The price of Brent crude oil steadied above $48 a barrel following the rise of the Euro against the US dollar.

Reuters reported that Brent crude oil futures increased 22 cents to $48.38 a barrel, while US West Texas Intermediate (WTI) crude futures rose 10 cents to $45.25 a barrel.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all
"OPEC secretary-general Abdullah al-Badri said oil prices may have fallen to their bottom and warned of a future jump to $200 a barrel."

OPEC secretary-general Abdullah al-Badri said oil prices may have fallen to their bottom and warned of a future jump to $200 a barrel if investment in new supplies is too low.

Oil prices have declined nearly 60% since June 2014 amid abundant supplies from the US shale oil boom and OPEC’s decision to not reduce its output.

Standard Chartered said OPEC’s decision to keep production high was starting to affect other producers.

See Also:

The bank said: "Non-OPEC output is being hit hard and we now expect the oil market to tip into supply deficit in H2."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Brent’s open interest on the Intercontinental Exchange reached 1.64 million lots in the week of 20 January, a record-high since recording data commenced in 2011.

A survey by Reuters has found that US commercial crude stockpiles are likely to have increased by around four million barrels last week, after posting its largest build in 14 years in the previous week.