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WTI: sharp build in US crude stocks may weigh on oil prices

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    There is no end in sight for the on-going wild price swings in the oil market. At one stage yesterday, both oil contracts were trading below $30 a barrel with losses of about 3% each. Brent and WTI then surged higher to trade above $32 before easing off slightly and eventually closed around 4% in the black. Speculation was rife yesterday that Russia and Saudi Arabia were willing to cut production in order to reduce the current supply surplus. But no official comments were made and traders were

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