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Brent rises 2% amid mixed performance in global markets

Brent rises 2% amid mixed performance in global markets
Photo Credit: Arabianeye - Reuters

Mubasher: Oil prices and global stocks varied by the end of trading on Wednesday, after Russia proposed a cut in oil production by 1 million bpd and U.S. crude inventories reached record levels.

Brent crude prices rose for the first time since 2 February by 1.7%, or 52 cents a barrel to $30.84 pb.

Meanwhile, US crude prices, or NYMEX, dipped 1.8%, or 49 cents to $27.45 pb.

U.S. Energy Information Administration’s (EIA) statements revealed that oil futures inventories jumped to record levels near 65 million barrels.

U.S. indexes varied on Wednesday, as Dow Jones Industrial Average was down by 0.62%, Standard & Poor's 500 fell by 0.35%, while Nasdaq Composite rose by 0.02%.

On the other hand, European stocks reversed on Wednesday the declines that lasted for seven successive sessions respectively. FTSEurofirst 300 index rose by 1.78% to close at 1241.49 points.

Gold prices ticked higher on Wednesday by 0.3% to $1194.60 an ounce to near its highest level in seven and a half months.