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Oil strengthens as US rig count drops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices turned higher in Asia and remain bid in early Europe after Friday’s US data release showed another drop in the US rig count.

    At the time of writing, Brent futures were up 42 cents or 1.33% at USD 33.46/barrel. WTI futures were up 60 cents or 1.8% at USD 32.34/barrel. Both benchmarks were down 4% on Friday.

    However, oil traders in Asia reacted positively to the drop in the US rig count. However, the gains are being viewed with skepticism, since the problem of oversupply is still very much intact. Major producers are pumping oil at near record high levels, while there is no sign of them reaching a production freeze deal.
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