Oil wavers ahead of the monthly OPEC report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic swing between gains and losses as traders await the monthly oil report from the Organization of the Petroleum Exporting Countries (OPEC).

    At the time of writing, the WTI oil Jan futures were moderately weak around USD 37.08/barrel. Brent Jan futures were up moderately at USD 40.26/barrel.

    Prices were up earlier today after the US government said crude stockpiles fell by more than expected last week. Inventories fell 3.6 million barrels in the week ended Dec. 4, ending the streak of 10 consecutive weeks of increases.

    However,the gains in oil were capped as stockpiles of U.S. distillates, including heating oil and diesel fuel, grew sharply by 5 million barrels last week.
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