Off the wire
• 1st LD: School shooting happens in Canada's Saskatchewan province  • UN relief wing warns of deteriorating security in North Kivu, DR Congo  • Tsinghua University, Gates Foundation to set up institute on drug discovery  • Ronaldinho to play for Ecuador's Barcelona  • Urgent: School shooting happens in Canada's Saskatchewan province  • 1st LD Writethru: U.S. stocks keep rising as oil extends gains  • Spanish PM declines King's offer to form new government  • UN Security Council slams attack on Mogadishu restaurant  • Airstrike kills ambulance driver in Yemen's Saada  • U.S. dollar rises against euro  
You are here: 　 Home

Oil prices extend rally

Xinhua, January 23, 2016 Adjust font size:

Oil prices continue to surge Friday in hope of stimulus from Eurozone.

The European Central Bank (ECB) announced Thursday that its key interest rates would remain unchanged at record low levels. ECB President Mario Draghi's comments suggested the central bank is willing to offer more stimulus at its next meeting in March.

Persistent oversupply, bloated inventories and a slew of negative economic news pressured crude oil prices to the 12-year lows Wednesday.

Analysts believed that the frigid weather across the U.S. and Europe would create higher short-term demand for energy.

Traders taking profits in short position also helped to lift the market.

The West Texas Intermediate for March delivery moved up 2.66 U.S. dollars to settle at 32.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 2.93 dollars to close at 32.18 dollars a barrel on the London ICE Futures Exchange. Endit