After plunging below the US$40 a barrel mark on Monday, the price of oil logged its biggest gain in more than two months yesterday, as it rebounded from its lowest closing level in more than six years.
The price of West Texas Intermediate (WTI) crude rose US$1.07, or 2.8 per cent, to US$39.31, its biggest one-day gain since June 9. Brent crude, a benchmark for international oils used by many US refineries, gained 52 cents, or 1.2 per cent, to US$43.21. However, the price of the two benchmark crudes are currently below the US$45 a barrel price on which the national budget is pegged. The range of crudes produced in T&T sell for just under the price of WTI.
Finance Minister Larry Howai said the situation with oil prices is being closely monitored but assured that the country is still in a good fiscal position.