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Oil trims gains ahead of US inventory data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Oil prices trimmed gains, but continue to trade on a positive note in the US session as traders await the US government’s weekly inventory data.

    At the time of writing, the WTI Jan futures were up 0.5% or 19 cents at USD 37.740/barrel. Brent futures were up 0.46% or 19 cents at USD 40.47/barrel. Prices were up more than 1% earlier today on bargain hunting and/or technical correction.

    The private industry group American Petroleum Institute (API) data showed an unexpected drop in the inventories yesterday, which triggered a corrective move in prices. However, oversupply concerns persist as prices lack support from the OPEC, which refrained from announcing a production cut last week.
    For more information, read our latest forex news.
     

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