World Bulletin / News Desk
Brent crude oil hit a fresh five-year low close to $60 a barrel on Monday after producer group OPEC restated its determination not to cut output despite a global fuel glut, but the North Sea benchmark later rallied to above $62.
Market momentum appeared to be downwards, with analysts saying oil could plumb new depths before a sustained recovery.
Oil prices have collapsed over the last six months as high-quality, light crude from North America has overwhelmed demand at a time of lacklustre global economic growth.
The Organization of the Petroleum Exporting Countries has kept production steady, worried that any reduction in its output would have little impact on price and instead mean surrendering market share.
"The decision has been made. Things will be left as is," OPEC Secretary-General Abdullah al-Badri told a conference in Dubai on Sunday. "We agreed that it is important to continue with production (at current levels) for the coming period."
Brent for January fell to a low of $60.28 a barrel in Asian trade, down $1.57 and its lowest since July 2009. The futures contract then rallied to trade around $62.20 by 1450 GMT, up 35 cents from Friday's close.
U.S. crude for January was trading at $57.50 a barrel, down 31 cents, after hitting a low of $56.25 earlier in the day - its weakest level since May 2009.Güncelleme Tarihi: 15 Aralık 2014, 17:06