24 Dec 2015
Oil’s pre-Christmas rally stalled
FXStreet (Mumbai) - The pre-Christmas rally/correction in the oil prices at both the sides of the Atlantic appears to have stalled.
At the time of writing, the Brent futures were down 0.24% or 9 cents at USD 37.25/barrel. WTI futures were up 0.30% or 12 cents at USD 37.59/barrel.
Brent crude had fallen to below USD 36/barrel on Tuesday, the third consecutive session it had hit a new 11-year low. But prices began rising yesterday the Energy Information Administration (EIA) showed US stockpiles fell by around 5.8 million barrels last year, which was far higher than the 1.1 million rise expected.
However, the concerns of oversupply remain intact and that appears to have halted the technical correction in the prices.
At the time of writing, the Brent futures were down 0.24% or 9 cents at USD 37.25/barrel. WTI futures were up 0.30% or 12 cents at USD 37.59/barrel.
Brent crude had fallen to below USD 36/barrel on Tuesday, the third consecutive session it had hit a new 11-year low. But prices began rising yesterday the Energy Information Administration (EIA) showed US stockpiles fell by around 5.8 million barrels last year, which was far higher than the 1.1 million rise expected.
However, the concerns of oversupply remain intact and that appears to have halted the technical correction in the prices.