Oil turns higher, climbs above $30.00/bbl

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Oil prices turned higher at the beginning of the American session, regaining the $30.00/bbl level amid speculation oil producers might be getting closer to a deal to cut production to curb prices declines.

    West Texas Intermediate crude, rose 1.81% to $30.95 a barrel, after trading as low as $29.25.

    As oil remains among main drivers across financial markets, the recoveries in prices boosted commodity-linked currencies and equities.

    Investors will be watching API inventories report later in the day ahead of Wednesday’s EIA report, which is expected to show stockpiles grew by 3.5 million barrels in the week ended January 22.
    For more information, read our latest forex news.

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