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Oil: Recovery loses steam, set for weekly drop

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Oil benchmarks on both sides of Atlantic took a breather from the heavy sell-off seen yesterday and rebounded higher on Friday, although heads for a weekly decline.

    Both crude benchmarks off multi-year lows


    Currently, WTI rises over 1.19% to 33.64, while the Brent oil advances 1.64% to 34.30 levels, retreating from session tops. Oil prices are seen in the green this Friday after four consecutive sessions of heavy losses as the black gold finds some comfort from the recovery in the global equities on easing China mayhem, after the country’s officials took measures to put an end to the market unrest.

    China's officials scrapped a circuit breaker mechanism that was seen as a major cause of equity market crashes. In addition, the central bank fixed the yuan stronger on today for the first time in nine trading days.

    However, the bounce in the oil prices appears short-lived amid lingering supply glut concerns and a firmer US dollar, in anticipation of a stronger US NFP report. Markets expect 200,000 new jobs in December, with the jobless rate steady at 5%.
    For more information, read our latest forex news.
     

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