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Oil has erased entire gains, flirting with losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil benchmarks – WTI and Brent – now trade flat to negative on the day as traders feel Iran and Saudi are unlikely to come to common terms over production freeze strategy.

    Both benchmarks were up 6% earlier today. However, Brent now trades just 0.10% higher on the day around USD 33.40/barrel. Meanwhile, WTI is now marginally lower on the day around USD 29.44/barrel.

    Saudi and Qatar agreed on production freeze at their meeting in Doha. However, both maintained the strategy would be implemented only if other major producers agree to do the same.

    If reports are to be believed, Iran has agreed to do after it recovers the market share lost during sanction years.
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