- Analytics
- News and Tools
- Market News
- Oil: Prices recover on solid U.S. data – GDP data eyed
Oil: Prices recover on solid U.S. data – GDP data eyed
Brent crude and West Texas Intermediate are trading higher today. Brent Crude added +0.96%, currently trading at USD49.60 a barrel, approaching the important USD50 level. On January 13th Crude hit a low at USD45.19. West Texas Intermediate gained +1.06% currently quoted at USD45.00. Yesterday the cost of WTI crude oil continued to fall reaching the lowest level in six years, due to an increase in US oil inventories. Meanwhile, the price of Brent crude oil have not changed.
The course of trade is also affected by expectations the publication of preliminary data on US economic growth in the fourth quarter. Analysts forecast the US economy expanding by 3.3%. Upbeat employment data fro the U.S. yesterday supported the oil price.
Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the worldwide supply exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
