Oil rally stalls as oversupply, economic data weigh on prices [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
Oil rally stalls as oversupply, economic data weigh on prices An early morning oil price rally stalled on Monday as investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand. Brent crude oil was up 24 cents at $60.52 per barrel by 9:31 a.m. ET (1431 GMT), after earlier rising as high as $61.21. U.S. light crude was 1 cent lower at $51.19, slipping from a session high at $51.87. Both benchmarks fell more than 25 percent through October and November as a supply glut inflated global inventories but have stabilized over the last three weeks, trading within fairly narrow ranges as oil producers have promised to cut production. Some investors doubt planned supply cuts by OPEC and other producers such as Russia will be enough to rebalance markets. OPEC and its allies have agreed to reduce output by 1.2 million barrels per day (bpd) from January, in a move to be reviewed at a meeting in April. Oil prices rose earlier
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