Oil sees modest recovery above $ 30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Oil benchmarks on both sides of Atlantic halted its overnight losing-spree and now make a minor comeback from near multi-year lows.

    Brent hits fresh 12-year low and recovers

    Currently, WTI rises +1.16% to 30.84, while the Brent oil gains +0.51% to 30.33. Oil prices edge higher in early Europe after a mixed start to the trading day this Thursday, with the US oil attempting minor recovery while the Brent still hovers near fresh twelve-year lows that it hit in Asia near $ 29.70.

    More so, the recovery remains fragile as the prevailing negative sentiment in markets on the back of renewed sell-off in global stocks and persisting oversupply worries, is not expected to offer respite to the bulls any time soon.

    Meanwhile, the US EIA showed in its weekly report on Wednesday, crude reserves expanded by 234,000 barrels in the week to January 8 as compared to a 200k rise expected.
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