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Oil is strong, rising above $40 and 6% overnight - ANZ

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Analysts at ANZ explained that crude oil prices were strong.

    Key Quotes:

    "Brent crude rose above USD40/bbl for
    the first time since December. Sentiment continues to improve as discussion about a production freeze lingers.

    Russia’s Energy Minister said major producers plan to meet between 20 March and 1 April. In the US, crude oil output is finally shows signs of declining, forcing speculators to cut shorts.

    Speculators reduced short positions in WTI crude by 15% in the week ended 1 March.
    For more information, read our latest forex news.

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