Oil's turbulence shows little sign of fading as risks prevail

Crude oil continues its volatile ride with continuing uncertainty about OPEC and US output as well as the trade dispute between China and the US, among other factors.

Photo: Bloomberg

Oil continued on its rollercoaster ride, with volatility soaring on uncertainty over OPEC and American supply, a trade war between the US and China and the Federal Reserve's monetary policy.

Futures in New York were up 2.6 percent, recovering from a 3.5 percent drop on Thursday. Crude's being whipsawed as fears persist that output cuts by OPEC and its allies will not be enough to counter US production. That has sent a gauge of price swings soaring more than 110 percent over the past three months. Just this week, oil tumbled 6.7 percent on Christmas Eve, only to bounce back almost 9 percent in the next session.

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