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American Oil jumps 6% despite rising inventories
10.29.2015
US crude oil prices rose more than six percent after the release of a government report on stocks bucking the market expectations of an increase reinforce pressure on prices.
And it ended the increase in the price of crude, which exceeded three dollars a barrel three sessions of consecutive losses and put an end to speculation more and longer lasting decline after crude hit its lowest level in two months in the previous session amid fears of oversupply and weak demand.
Oil gave up some gains for a brief period in late dealings with the rise of the dollar in light of the continued bets that the Federal Reserve (the US central bank) is still open to raise interest rates in December, after it kept unchanged today.
Futures rose US crude oil to $ 2.74 or 6.34 percent to settle at 45.94 dollars a barrel, after jumping to $ 46.01 earlier in the session. In post-settlement trading crude rose to $ 46.22 a barrel, traders attributed it to the possibility of the completion of more operations to cover short positions in the market.
And increased futures for Brent of $ 2.24 or 4.79 percent to settle at 49.05 dollars a barrel.
US crude gains and is the largest in a single day two months ago, while Brent was his biggest gains in three weeks.
And it strengthened the US Energy Information Administration crude gains after it said that the inventories rose 3.4 million barrels last week came in line with expectations of analysts in a Reuters survey.
However, the increase was much less than expected by the market and less than the increase announced by the American Petroleum Institute, amounting to 4.1 million bpd. Analysts said the market considered that the Energy Information Administration report neutral. It ended 29 quarters e
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10.29.2015
US crude oil prices rose more than six percent after the release of a government report on stocks bucking the market expectations of an increase reinforce pressure on prices.
And it ended the increase in the price of crude, which exceeded three dollars a barrel three sessions of consecutive losses and put an end to speculation more and longer lasting decline after crude hit its lowest level in two months in the previous session amid fears of oversupply and weak demand.
Oil gave up some gains for a brief period in late dealings with the rise of the dollar in light of the continued bets that the Federal Reserve (the US central bank) is still open to raise interest rates in December, after it kept unchanged today.
Futures rose US crude oil to $ 2.74 or 6.34 percent to settle at 45.94 dollars a barrel, after jumping to $ 46.01 earlier in the session. In post-settlement trading crude rose to $ 46.22 a barrel, traders attributed it to the possibility of the completion of more operations to cover short positions in the market.
And increased futures for Brent of $ 2.24 or 4.79 percent to settle at 49.05 dollars a barrel.
US crude gains and is the largest in a single day two months ago, while Brent was his biggest gains in three weeks.
And it strengthened the US Energy Information Administration crude gains after it said that the inventories rose 3.4 million barrels last week came in line with expectations of analysts in a Reuters survey.
However, the increase was much less than expected by the market and less than the increase announced by the American Petroleum Institute, amounting to 4.1 million bpd. Analysts said the market considered that the Energy Information Administration report neutral. It ended 29 quarters e
[You must be registered and logged in to see this link.]
