Oil Struggles to Hold on to Gains in Volatile Trade
Oil prices at both the sides of the Atlantic advanced, but struggle to
keep the momentum going as investors consider the possibility of a
failure of joint OPEC and non-OPEC output freeze.
At the time of
writing, WTI futures were largely unchanged on the day around
$37.70/barrel. Brent oil was down largely unchanged on the day as well
around $39.86 levels.
Prices strengthened in Asia and early
Europe on the back of falling US supply. US crude-oil supplies fell by
4.9 million barrels last week, the Energy Information Administration
said Wednesday. Markets were expecting a rise by 3.3 million barrels.
However,
gasoline stocks rose by 1.4 million barrels following six consecutive
weeks of declines. Furthermore, investors are getting nervous as Saudi
and Iran are having a tough time coming to common terms.
(Market News Provided by FXstreet)
