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Oil rallies, Brent trades above $40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil strengthened on both sides of the Atlantic, with Brent rising above $40/barrel on the back of risk-on trading in Europe and prospects of production freeze by major oil producers.

    Dips in oil prices are being bought into on hopes of major oil producers signing a production freeze accord later this month. Oil traders also ignored a report from Shana news, which showed Iran increased its oil exports and plans to do the same throughout the year.

    At the time of writing, Brent futures were up 1.9% or 76 cents at $40.40/barrel. WTI futures were up 62 cents or 1.6% at $37.10/barrel.

    Traders now await the weekly US government oil inventory data. Prices have also found support off late on dwindling US oil output.
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