Oil markets rise

Crude oil prices stabilised on Wednesday as Asian stock markets caught a tailwind from a strong performance in the United States and Europe, although fuel markets remained generally dogged by oversupply. The Brent global crude benchmark was trading at $49.64 per barrel at 0654 GMT, up 12 cents from its last settlement after jumping 4 per cent in the previous session. In Japan, weekly crude and refined products statistics showed stable utilisation rates and stock levels. Oil prices have fallen over 50 per cent since June 2014 on a global supply glut. The Organisation of the Petroleum Exporting Countries (OPEC) is producing close to record volumes to squeeze out competition, especially from US shale producers, which have so far weathered the price plunges to keep pumping oil, according to Reuters.

-Shuvo-