Oil attempts recovery from Saudi-led drop

Oil prices on both the sides of the Atlantic halt its downslide and now recover losses, on the back of renewed buying seen across the commodities’ space.

Oil awaits US rigs, Yellen

Currently, both crude benchmarks recover losses and trade modestly flat, with Brent just ahead of $ 49.50, while WTI steadies above 47 levels. Oil prices snapped yesterday’s rebound and fell back in the red after the Saudi energy minister squashed hopes of strong market intervention by producers during talks next month.

Saudi Arabian Energy Minister Khalid Al-Falih noted late-Thursday that, "we don't believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us," and that the "market is moving in the right direction."

However, the black gold trimmed losses and now takes on the recovery in the European morning as markets unwind positions ahead of the US rigs count data and Yellen’s speech, which will create huge stir across the financial markets.

Meanwhile, traders will also continue to track fresh news related to the ceasefire in Nigeria, as also Iraq having started to pump crude oil through its northern pipeline after several months of disruptions.