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Oil trades cautious in Asia, Doha meeting eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil benchmarks on both sides of Atlantic steadied in the Asian trades, unable to find a clear direction as traders remain on the side-lines awaiting the outcome from weekend’s Qatar meeting.

    Oil trades above $ 40 mark

    Currently both crude benchmarks are trying hard to extend gains, with WTI up 0.24% at $ 41.60 while the Brent oil edges 0.16% higher at $ 43.92. Oil prices tread waters as markets remain wary over the impact of any output freeze deal at this weekend’s oil producers’ meeting in Doha, Qatar.

    Meanwhile, IEA stated on Thursday, "With Saudi Arabia and Russia already producing at or near record rates and very little upside seen apart from Iran any deal struck will not materially impact the global supply-demand balance during the first half of 2016."

    Moreover, the prices also await the US rigs count data along with the US economic releases for further momentum on the dollar priced-in commodity. While upbeat Chinese data failed to cheer the sentiment around the black gold.

    Oilfield services company Baker Hughes reported a fall of 8 to 354 last week, which was the third straight weekly decline in a row.
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