Oil struggles to hold on to gains in volatile trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil prices at both the sides of the Atlantic advanced, but struggle to keep the momentum going as investors consider the possibility of a failure of joint OPEC and non-OPEC output freeze.

    At the time of writing, WTI futures were largely unchanged on the day around $37.70/barrel. Brent oil was down largely unchanged on the day as well around $39.86 levels.

    Prices strengthened in Asia and early Europe on the back of falling US supply. US crude-oil supplies fell by 4.9 million barrels last week, the Energy Information Administration said Wednesday. Markets were expecting a rise by 3.3 million barrels.

    However, gasoline stocks rose by 1.4 million barrels following six consecutive weeks of declines. Furthermore, investors are getting nervous as Saudi and Iran are having a tough time coming to common terms.
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