Oil trims gains post-IEA report, WTI eyes $ 30

9 February, 2016

Oil benchmarks on both sides of Atlantic paused their corrective rally following the release of International Energy Agency (IEA) monthly report.

IEA report reflects a bearish picture for oil

Currently both crude benchmarks retreat from daily highs, with WTI rising 2.41% to 30.41 and the Brent oil up 1.22% to 33.30. The ongoing recovery in the oil prices, following a three-day decline, lost steam after IEA noted in its monthly oil outlook report that the global oil surplus at the start of 2016 is “even greater” than initially expected. 

The black gold came under renewed pressure and trimmed gains as the latest IEA report added to the already persisting oversupply concerns. While the Paris based agency also shrugged off any chatter surrounding OPEC/non-OPEC producers’ meeting to bolster prices.

Attention now remains on the EIA and OPEC monthly report due later this week, while the inventory report from the EIA as well as API will be also closely eyed.


Source link  
Oil closed strongly

Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years. Stocks dropped 3.26 million barrels to 238.2 million barrels. The market was also buoyed by a fall in US oil production, down 55kb/d to 8.46mb/d last week...

Gold hovering around 3-week high

Gold on Wednesday traded in a narrow band but maintained its bid tone and is hovering around 3-week high level touched on Tuesday to currently trade around $1364 region...

US Dollar weaker, finds support at 97.00

The greenback, tracked by the US Dollar Index, is now picking up some pace after finding some support in the 97.00 neighbourhood...


Gold rises to a four-week high

After hitting a four week high level of $1284 during early late Asian early European session, Gold prices remained bouyant for fourth session in a row and are currently holding steady around $1282 level...

Gold pauses after hitting three-week high level

Gold is seen retracing a bit from a 3-week high level of $1266 touched during Asian trading session on Thursday and is currently trading with only a marginal cut, at $1261...

Gold slides further, drops back below $128

Gold weakened on Monday and extended its weakness during European session and dipped back below $1280 to currently trade near session low of $1279...


Gold turns negative, slips below $1280

Gold has now turned lower, extending its weakness for fourth consecutive session, sliding further below $1280 level to currently trade near $1278, though off day's low of $1274.50...

S&P 500 futures recover to reclaim 2100 mark

Spoofed by drop in crude oil prices and a slump in Chinese stock market, broader US equity indices futures were trading lower before recovering, pointing to a higher open on Wednesday...

Oil dips in Asia on oversupply worries, API report eyed

Oil benchmarks on both sides of Atlantic rebounded sharply from Doha disappointment induced sharp losses the day earlier, only to find run through fresh offers this Tuesday, as the supply glut worries resurface following failed Doha negotiations last weekend...

  


Share: