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Oil above USD 50/barrel on supply worries

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Oil prices are reacting positively even at the slightest indication of supply disruption in the oil producing nations.

    Brent oil rallied more than 3% yesterday and added another 0.20% to trade around USD 50.630/barrel. Prices hardened on the back of Brazilian and Libyan supply worries, a US pipeline outage. The risk-on sentiment also helped prices remain resilient to the strength in the USD index.

    The prices also received a boost from the China data, which showed the service sector expanded at its fastest pace in three months in October.

    Traders now await the US Department of Energy's Energy Information Administration’s weekly inventory data. The industry group American Petroleum Institute data released on Tuesday showed oil stocks rose by an estimated 2.8 million barrels in the week to Oct. 30 to 479.9 million.
    For more information, read our latest forex news.
     

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