Eastern Standard Time

SINGAPORE: Crude oil prices fell on Thursday after a tumultuous day, with a sharp rebound from near six-year lows reflecting a global supply glut.

On Wednesday, Brent crude futures soared 4.5% to a 2012 year 6 since this month, as traders braced for expiring options.

But market sentiment remains bearish due to oversupply, with Brent crude prices down 1905 48.50 cents per barrel as of 06:00 GMT on Thursday The dollar It touched $45.19, the lowest level since March 2009, on Tuesday.

U.S. crude oil fell 10 times 48.38 cents per barrel U.S. dollars.

U.S. investment bank Jefferies International announced on Thursday that “we are again lowering our oil price forecast to reflect the likelihood that the market will remain oversupplied through at least the first half of 2015.”

“We have lowered our 2015 Brent crude oil price forecast of $72.25 per barrel to $50.25.555 2016 dollars per barrel, and our Brent crude oil price forecast from $83 per barrel to $67.25.00 dollars per barrel. USD/bbl. The price for 2017 is $90/barrel. In the short term, the use of floating storage will absorb more oil than the market, he said. “Eventual deliveries may ease the recovery of prices in the future.”

There is a 60 percent chance that the price of Brent crude will fluctuate between $40 and $60 a barrel in the first half of this year, with prices expected to fall to $35 a barrel during that period, the Australian and New Zealand bank said in a report on Thursday. The likelihood of oil prices rising to-$45 a barrel is 30 percent, while the likelihood of a rise to $60-80 a barrel is only 10 percent.

The Australia and New Zealand Bank said, “The fight for production market share means lower oil prices. The fund has announced a substantial investment premium but may sell further.”

The oil market is oversupplied as global production surges.

In the north, U.S. shale oil production has surged, and oil producer OPEC has decided to maintain output and defend its market share amid slowing economic growth in Asia and Europe. Russia’s production has reached its highest level since the collapse of the Soviet Union.