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Oil gains 9% and finishes the week above $32.00/bbl

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Crude prices staged an impressive rally on Friday, with WTI futures gaining more than 9% to end the week at $32.19 a barrel, posting the largest one-day gain since April.

    WTI had hit a fresh 12-year low of $26.20 last Wednesday when February contract expired, but prices have been in recovery mode ever since. For the week, sweet, light crude rose 9.4% posting its first weekly gain for the year.

    Baker Hughes reported in its weekly rig count that US oil rigs fell to 510 for the week ending on Jan 15, falling for fifth consecutive week.

    Most of the rally was attributed to corrective moves in an oversold market, as concerns about a global supply glut remain in place.
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