- Analytics
- News and Tools
- Market News
- Oil prices continued recovering
Oil prices continued recovering
West Texas Intermediate futures for October delivery advanced to $42.85 (+0.68%), while Brent crude climbed to $47.71 (+0.32%) amid signs of stabilization in equity markets. U.S. crude is about to post its first weekly gain in 11 weeks.
Strong GDP data from the U.S., the world's biggest consumer of oil, supported prices. The U.S. Commerce Department reported on Thursday that revised U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Both consumer spending and business investment were revised up.
Daniel Ang, analyst at Phillip Futures, said that prices improved after bears had covered their short positions and bulls had taken on long positions.
Oil prices got an additional support after an article in the Wall Street Journal said that Venezuela requested a meeting with other OPEC members and Russia. A change to the cartel's policy could help solve the global glut issue.
© 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
