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Oil turns lower before the close but clings to weekly gains

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil futures turned negative minutes before the close, but still held onto weekly gains amid hopes major oil producers will agree on a plan to reduce output and stabilize prices.

    West Texas Intermediate crude futures fell 0.9%, to settle at $32.78 a barrel on the New York Mercantile Exchange (Nymex).

    April contract had reached a peak above $34 a barrel earlier on the session but reversed gains ahead of Friday’s close. Still WTI closed the week with a gain of 3.4%.
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