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Oil reverses early gains and turns negative

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Oil prices reversed early gains and fell into negative ground for the day on Tuesday amid lingering concerns of global supply glut and a risk off environment on concerns over China’s economy and Tensions in the Middle East.

    February West Texas Intermediate crude fell 1.4% to $36.25 a barrel on the New York Mercantile Exchange after hitting intraday highs above $37.00 a barrel.

    Later on the day, American Petroleum Institute (API) will publish its weekly crude oil stock report ahead of tomorrow’s Energy Information Administration (EIA) report.
    For more information, read our latest forex news.
     

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