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Oil price recovers to US$33

Published:Friday | January 29, 2016 | 12:00 AM

Oil price recovers

to US$33

The price of oil rose as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.

United States crude rose 92 cents, or 2.8 per cent, to US$33.22 a barrel in New York. Brent crude, a benchmark for international oils, gained 79 cents, or 2.4 per cent, to US$33.89.

The price of US oil has climbed 9.5 per cent over the last three days.

Oil prices have been on a long, steep slide since 2014 as world stockpiles hit extremely high levels and investors fear demand will get weaker. Last Wednesday, US oil closed at a 12-year low of US$26.55 a barrel.

US stocks rose on Thursday. The Dow closed up 125 points at 16,069.64. Oil and natural gas producer Devon Energy rose US$2.26, or 9.2 per cent, to US$26.75. Oil company Hess, which rose almost six per cent Wednesday after it said it will cut more spending, picked up another US$3.23, or 8.8 per cent, to US$40.08.

In other energy trading, heating oil rose 0.6 cents to US$1.031 a gallon, and natural gas rose 2.5 cents to US$2.182 per 1,000 cubic feet.

- AP