Oil jumps to highest in a month, WTI near $50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Crude oil prices are rising sharply in Tuesday. The West Texas Intermediate barrel rose further in New York and reached $48.60, the highest level since September 1. Afterwards pulled back modestly but it was trading above $48.00 up more than 4% for the day. The rise in crude gave momentum to energy shares.

    The price of the barrel was boosted after the US Energy Information Administration raised projection of global oil demand and also after the General Secretary of the Organization of the Petroleum Exporting Countries (Opec) mentioned that rising demand and a decline in supply from non-Opec countries was restoring the balance. Also contributed to the recovery, news from Russia suggesting that the country would be more willing to coordinate a cut in production.

    Stocks in Wall Street are mix. The Dow Jones was up 0.14% and the Nasdaq was falling 0.90%. Gold was rising almost 1%.
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