Crude Oil Prices Rebound Today

Crude oil prices rebounded more than $ 1 a barrel from position 12-year lows at the close of Friday daybreak trading(21/01), registered an increase in the biggest daily rally this year as financial markets gave some traders reason to take profits on a bearish position short.

The price of crude oil futures WTI closed up 4.16 per cent, or $ 1.18, at $ 29.53 per barrel. Prices had bounced back to $ 30 as hopes for an easier monetary policy of Europe triggered a stock market recovery in Europe and the us.

While the price of Brent crude oil futures, a benchmark international, up $ 1.42, or 5.1 percent, at $ 29.31 per barrel. But Brent has lost more than 25 percent of its value in January and is on track for the biggest monthly decline since 2008.

Gains accelerated after the Energy Information Administration (EIA) reported that U.S. crude oil inventories rose 4 million barrels nationwide, more than the estimated 2.8 million barrels. However, traders were encouraged that the data inventory in Cushing, Oklahoma delivery point, rose only 191,000 barrels, which was less than it was before.

The price does not falter on the US data showed a bigger than expected increase in supplies of crude oil and gasoline. Instead, the report triggered purchases between merchants who fearedthe numbers could be worse.

However, some traders expect a quick recovery from the decline of 20 percent this year, with oilunder pressure from a large supply of satiety leih and signs of economic weakness in China.

A stock market rally Thursday after European Central Bank President Mario Draghi said it would be necessary to review the monetary policy of the Bank in March, triggering expectations forquantitative easing.

Iran's return to the oil markets this month has added to concerns, after the lifting ofinternational sanctions.

Shows the satiety can grow further, Iraq's oil Minister Adel Abdul Mahdi told Reuters declared the southern region of the country is planning to increase production up to 400,000 barrels a day (MBD) this year to more than 4 million barrels per day.