Oil is Strong, Rising Above $40 and 6% Overnight

Oil is Strong, Rising Above $40 and 6% Overnight

Analysts at ANZ explained that crude oil prices were strong.

Key Quotes:

"Brent crude rose above USD40/bbl for the first time since December. Sentiment continues to improve as discussion about a production freeze lingers.

Russia’s Energy Minister said major producers plan to meet between 20 March and 1 April. In the US, crude oil output is finally shows signs of declining, forcing speculators to cut shorts.

Speculators reduced short positions in WTI crude by 15% in the week ended 1 March.


(Market News Provided by FXstreet)