Energy futures prices rebounded slightly on international markets Thursday, as Abdullah Bin Hamad Al Attiya, Qatar�s energy minister, speculated about another production cut by the Organization of Petroleum Exporting Countries.
OPEC members might contemplate another reduction at their March meeting if international oil prices fall too much, he said.
Technical trading triggered by the decline of energy prices in recent market sessions also may have played a role in the rebound, analysts said.
On the New York Mercantile Exchange, the March contract for benchmark US light, sweet crudes gained 31� to $29.36/bbl, while the April contract moved up 12� to $28.43/bbl. Both contracts continued to climb in after-hours electronic trading to $29.45/bbl and $28.63/bbl, respectively.
Home heating oil for February delivery also increased 0.79� to 83.01�/gal on the NYMEX. Unleaded gasoline for the same month was up 0.6� to 87.9�/gal. The February natural gas contract continued its earlier rise, up 15.5� to $7.27/Mcf.
In London, North Sea Brent oil futures firmed on the International Petroleum Exchange despite a lack of any new market influences, analysts said.
The March contract for Brent closed at $26.46/bbl, up 20� for the day, after trading in the range of $25.94-$26.52/bbl Thursday on the IPE. Analysts said they see no fundamental reasons for prices to break support at $26/bbl or for other major changes in that market.
The February natural gas contract was up 5� to $4.10/Mcf on the IPE.
On the Singapore exchange, the March contract for Brent crude rose 20� to $26.46/bbl. The April contract rose 17� to $25.73.
The average price for OPEC�s basket of seven crudes lost 17� to $25.22/bbl on Thursday.
