Saudi –led gains in oil proved short-lived

By FXStreet FXStreet (Mumbai) – Oil traders are in for a wild trading day as prices tanked in Asia, before recovering losses and rallying in early US session on Saudi’s comments before falling into losses again.

As of now, WTI Jan futures trade 1.6% at USD 41.17/barrel. Brent futures have stayed somewhat resilient, but still down 0.60% at USD 44.38/barrel.

Prices witnessed a stellar recovery after Saudi Arabia said it is ready to work with other producing and exporting countries to stabilize prices. However, the swoon did not last long as prices fell back into losses.

Prices had taken a hit earlier today after Goldman Sachs expressed a 15% probability of oil prices falling to USD 20/barrel in 2016.
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Source:: FX Street