LSE: Crude Oil Up Near USD49 Ahead Of Expected ECB Stimulus
WASHINGTON (Alliance News) - Crude oil prices continued to rebound Thursday morning ahead of remarks from European Central Bank President Mario Draghi, who is expected to announced massive stimulus at a press conference scheduled for 8:30 am ET.
US crude oil for March was up USD1 at USD48.82 a barrel, edging further from January's 6-year low near USD44.
Yesterday, Iran signaled it was going along with Saudi Arabia's plan to allow oil prices to remain low in an effort to stifle non-OPEC competition.
Iran's oil minister said his nation would be OK if crude oil dropped below USD30.
At 11 am ET, the Energy Information Administration is scheduled to release its customary US oil and gasoline inventories report for the week ended January 16th.
Industry group American Petroleum Institute (API) late on Wednesday reported that US crude stocks rose 5.7 million barrels for that week.
