Oil prices in London IPE rebound after losing ground on the opening, were trading higher Wednesday morning on the back of bullish U.S. stock data released late Tuesday by the American Petroleum Institute.
But resistance identified by some brokers around $26.45 per barrel appeared to be holding, due to apparently contradictory Opec statements on whether the cartel will decide to cut production at its ministerial meeting in Vienna on March 16.
Dealers have grown frustrated with Wednesday due to hesitation in OPEC over the cartel’s next move on production.
PRICES:
(at 1155 GMT):
IPE April Brent.
Last $26.32 High $26.42 Low $25.95 Change up 30c.
IPE March gas oil
Last $223.50 High $224.00 Low $222.00 Change up $4.00.
© 2001 Mena Report (www.menareport.com)
