Oil Extends Gains, WTI Rises 3%
Oil prices extended gains in Europe, with both benchmarks trading at
least 3% higher on the day as traders cheered Fed’s bullish comments on
economy and strong German data.
At the time of writing, WTI futures were up 3.5% at $38.57/barrel. Brent futures traded 3.14% higher at $40.65/barrel.
Bullish
tone gathered pace in Asia after Fed said US economy was on a path of
more economic growth. Meanwhile, ratings agency Fitch published a
bullish German economic growth forecasts. Both developments are seen
supporting oil/fuel demand.
Furthermore, data released in
Germany also showed exports in February rose at their fastest pace in 5
months. Ahead in the day, the momentum remains at the mercy of the US
weekly oil rig count data.
(Market News Provided by FXstreet)
