Oil back in the red, awaits fresh drivers

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Oil benchmarks on both sides of Atlantic reversed initial gains and resumed their dominant bear trend as focus now shifts towards the monthly outlook reports from the EIA and OPEC for fresh incentives.

    WTI fast approaching $ 30 mark

    Currently, WTI drops -1.38% to 30.46, while the Brent oil falls -1.46% to 33.54. Oil prices failed to sustain the recovery mode and fell back in the negative territory, extending declines into a third day today. The black gold came under renewed selling pressure as markets continue to digest the non-event meeting between Saudi and Venezuela that was held over the weekend.

    Further, attention now shifts towards the weekly crude reserves report as well as the monthly outlooks from the EIA and OPEC due later this week, as oversupply worries continue to remain the main drag on the oil prices.

    Adding to the downside in oil, holiday-thinned trades as the Chinese traders are off for the Lunar New Year holidays also keep the upside capped in the prices.
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