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Oil reverses gains and turns negative in volatile trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices reversed early gains and fell to negative ground for the day during the American session, dragged lower by a US dollar recovery across the board.

    West Texas Intermediate crude for March reached a high of $33.60 a barrel but then turned lower and fell back below $32.00 a barrel, It was last trading 1.27% down at 31.84 a barrel.

    Despite recent recovery, global supply glut concerns might prevent crude prices to stage a longer-term bounce. On Wednesday the EIA reported US crude stockpiles grew by 7.8 million barrels last week, against expectations of a 4.8 million gain.

    US stocks failed to sustain gains and also turned lower, weighed by the commodity’s pullback.
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