Prices recover,recession bites and a brewery buys an oil refinery

摘要

Prices dipped early in the new year before staging a modest recovery amid falling output from OPEC and rising demand for middle distillate as temperatures dropped across Europe.Brent and WTI ended January above 40/bbl,whilst Dubai was quoted at a rare premium to the light,sweet grades as OPEC's production cuts reduced the supply of Persian Gulf sour crude.Low prices prompted a buying spree by crude traders,trying to take advantage of low spot and higher forward prices.A reported 80 mn bbl of crude oil was put into floating storage between November and mid-January,encouraged by falling charter rates for tankers.South Korea discussed an unusual deal to barter offshore exploration and production facilities for crude oil from Brazil.