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Oil prices drop below USD 37.00/barrel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Oil prices are being smashed once again ahead of the data in the US tomorrow, which could show inventories likely rose for 11th week.

    WTI at fresh 7-year low

    At the time of writing, the WTI Jan futures were down 1.85% or 70 cents at USD 36.95/barrel. Prices fell to USD 36.81/barrel for the first time since February 2009. Prices had dipped below USD 37/barrel in August this year.

    Oil prices were up an hour ago after the data from China showed the country’s oil imports in November saw a 3.9% rebound from the Oct’s 5-month low.

    The traders now await the US weekly inventory data, which is expected to show stockpiles increased by 900,000 barrels in the week ended Dec. 4.
    For more information, read our latest forex news.
     

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