crude traded 36 cents lower at $48.09 a barrel. The contract had settled $3.21 or 5.5 percent lower the previous day. In the previous four sessions, prices had rallied almost 19 percent from their lowest in nearly six years.īrent crude for March delivery was 14 cents lower at $54.02 a barrel by 0546 GMT, after touching $55 a barrel earlier in the day. crude losing 9 percent on Wednesday in one of its biggest routs ever. Oil markets remain highly volatile, with U.S. Prices had gained in early trade on optimism that steps by China’s central bank to pour fresh liquidity into the world’s second-biggest economy by lowering banks’ reserve requirements would spur demand for energy.
A general view shows an oil refinery of Russian state-controlled oil giant Rosneft at night near the Siberian town of Strezhevoy in the Tomsk region October 17, 2007.
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