Oil extends gains on hopes for more balanced market

Saturday, 14 February 2015 - 14:13

World oil prices rose as the market found reasons to hope for a decline in US oil production and improved demand in the eurozone.

US benchmark West Texas Intermediate for March delivery closed at 52.78 Dollars a barrel, a gain of 1.57 Dollars from Thursday's close.

Economic activity in the eurozone was up slightly in the fourth quarter, expanding by a better-than-expected 0.3 per cent after a 0.2 per cent rise in the third quarter.