Oil prices extend rally

New York, Jan 23 (IANS) Oil prices continued to surge in hope of stimulus from Eurozone.

The West Texas Intermediate for March delivery moved up $2.66 to settle at $32.19 on the New York Mercantile Exchange, while Brent crude for March delivery increased $2.93 to close at $32.18 a barrel on the London ICE Futures Exchange on Friday, Xinhua news agency reported.

The European Central Bank (ECB) announced on Thursday that its key interest rates would remain unchanged at record low levels.

ECB president Mario Draghi’s comments suggested the central bank is willing to offer more stimulus at its next meeting in March.

Persistent oversupply, bloated inventories and a slew of negative economic news pressured crude oil prices to the 12-year lows Wednesday.

Analysts believed that the frigid weather across the US and Europe would create higher short-term demand for energy.

Traders taking profits in short position also helped to lift the market.

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