WTI oil stays positive, Brent trades flat

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Crude prices in the US managed to stay positive, but the gains remain capped as traders took profits after prices rallied in the previous session on a smaller than expected rise in the US inventory.

    At the time of writing, WTI oil was up 1% around USD 46.43/barrel. Across the pond, Brent futures traded largely unchanged around USD 49.00/barrel. Prices strengthened on Wednesday after the US Energy Information Administration said the nation’s crude stockpile grew by 3.4 million barrels last week, below the estimate of a 4.1 million-barrel increase.

    However, gains are being capped to some extent by a stronger US dollar. Indications by the Fed that the U.S. central bank could lift interest rates at its meeting in December pushed up USD, making crude oil costly in non-USD terms.
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