Oil rebounds, set for third straight weekly rise

April 22, 2016

Oil benchmarks on both sides of Atlantic resumed its upward trajectory on Friday, reversing a temporary slide seen the day earlier and remain poised to book third straight week of gains.

WTI up 12%, Brent gains 8% this week

Currently both crude benchmarks are heading higher for a retest of fresh five-month highs, with WTI now rising 1.30% to $ 43.73 while Brent oil gains +1.15% to $ 45.03. Oil prices are staged a solid comeback this session after retreating from 5-month tops yesterday, as sentiment remains favourable towards the black gold amid positive fundamentals. 

The recent upbeat data from China and more cash inflows into the commodities’ markets by investors have helped underpin the oil recovery. Moreover, falling US oil production combined with a smaller-than expected rise in the US crude stockpiles also adds to the upbeat sentiment around oil markets.

Ahead in the day, all eyes remain on the Bakers Hughes oil rigs count data and USD moves for further momentum on the oil prices. 

Publication source
OctaFX information  OctaFX reviews

January 18, 2017
Stock markets continued to stabilise
German HICP confirmed at 1.7% y/y, as expected, with prices up 1.0% m/m. The sharp acceleration from just 0.7% y/y in November was mainly due to base effects from lower energy prices and the breakdown showed that prices for heating oil jumped 21.9% y/y in December...
January 18, 2017
Pound Sterling soars on PM May's Brexit speech
The British pound posted strong gains yesterday with the Prime Minister Theresa May outlining her vision for Brexit and the parliamentary approval of the Brexit deal...
January 18, 2017
Sterling remains in the spotlight
The Sterling/Dollar exploded into extreme gains on Tuesday with prices clipping above 1.2400 after Prime Minister Theresa May’s optimistic Brexit speech signaled that the United Kingdom was seeking a deal which would satisfy both parties...

XM Rating
FIBO Group Rating
Tickmill Rating
FXCM Rating
Orbex Rating
FxPro Rating

OptionsXO Rating
OptionFair Rating
365BinaryOption Rating
24option Rating
OptionRally Rating
IQ Option Rating