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Oil rallies and posts solid weekly gain

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices rallied on Friday underpinned by optimism of an output freeze deal between OPEC and non-OPEC producers and signs of decreasing supply in the US.

    WTI futures gained more than 6% on Friday to close at $39.72 a barrel, recording an 8.0% weekly gain. US crude futures gain more than 5% for second time this week after US Government reported a significant draw in stockpiles.

    Brent benchmark rose 6.4% to $41.94 a barrel on Friday and posted a 8.5% weekly gain.
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