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9 Dec 2015
Oil trims gains ahead of US inventory data
FXStreet (Mumbai) - Oil prices trimmed gains, but continue to trade on a positive note in the US session as traders await the US government’s weekly inventory data.
At the time of writing, the WTI Jan futures were up 0.5% or 19 cents at USD 37.740/barrel. Brent futures were up 0.46% or 19 cents at USD 40.47/barrel. Prices were up more than 1% earlier today on bargain hunting and/or technical correction.
The private industry group American Petroleum Institute (API) data showed an unexpected drop in the inventories yesterday, which triggered a corrective move in prices. However, oversupply concerns persist as prices lack support from the OPEC, which refrained from announcing a production cut last week.
At the time of writing, the WTI Jan futures were up 0.5% or 19 cents at USD 37.740/barrel. Brent futures were up 0.46% or 19 cents at USD 40.47/barrel. Prices were up more than 1% earlier today on bargain hunting and/or technical correction.
The private industry group American Petroleum Institute (API) data showed an unexpected drop in the inventories yesterday, which triggered a corrective move in prices. However, oversupply concerns persist as prices lack support from the OPEC, which refrained from announcing a production cut last week.