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Oil strengthened again amid holiday-thinned trading

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil prices strengthened in Asia amid low volumes, but look wobbly in early Europe as concerns of excess supply and risk-off in equities cap gains.

    At the time of writing, the Brent futures were trading largely unchanged on the day around USD 32.90/barrel. Across the pond, the WTI futures were up 30 cents or 1% at USD 30.00/barrel.

    Prices nosedived on Monday after the meeting between Venezuela and Saudi Arabia held over the weekend failed to end with a constructive deal.

    However, prices ticked higher in Asia today; something we had seen on Monday as well. Major Asian markets are closed on account of Lunar New Year holidays.
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