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Oil extends recovery above $32.00/bbl

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Oil prices continued to trend higher during afternoon trade in New York and reached fresh highs above $32.00 a barrel.

    West Texas Intermediate crude, rose 5.5% to trade at $32.02 a barrel, having hit a session high of $32.19, and having recovered from a low of $29.25 struck earlier on the day.

    Next on tap, investors will be watching API inventories report at 21:30 GMT ahead of Wednesday’s EIA report, which is expected to show US stockpiles grew by around 3.5 million barrels in the week ended Jan 22.

    Oil prices remain among main drivers across financial markets, with today’s bounce lifting commodity currencies and equities.
    For more information, read our latest forex news.
     

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