Believe it or not, crude oil is actually up for the fifth consecutive day now. Despite on-going bearish news flow and downbeat sentiment, oil prices appear stable ahead of the official US weekly crude inventories data from the Energy Information Administration (EIA) later this afternoon.
Both oil contracts have bounced back a little after Thursday’s sharp plunge. The all-time high crude stockpile levels in the US is the number one reason behind oil’s inability to move further higher in recent weeks.
Brent crude oil (BNO,quote) gained momentum on Wednesday as growth in industrialized countries became more likely. The commodity traded at $107.10 at 6:30 GMT on Wednesday morning.
Investors Alert – Market Status
You must be logged in to post a comment.