OctaFX | OctaFX Forex Broker
Open trading account
Back

Oil hesitant to extend gains

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic strengthened moderately, but the gains remain capped after the US reported an unexpected rise in the inventories on Wednesday.

At the time of writing, the Brent futures were up 54 cents at USD 51.85/barrel, while WTI oil futures were 43 cents higher at USD 48.25/barrel. Prices are on track for gains of almost 8% this week, its largest weekly increase since late August.

However, gains appear capped today on account of supply situation. Crude stocks rose by 3.1 million barrels to 461 million last week as refineries cut output and idled capacity.

Meanwhile, the recovery in the USD index from the daily low also restricted further gains in crude prices.

EUR/JPY comes down from 135.50

After clinching session highs in the mid-135.00s during the European morning, EUR/JPY has now quickly given away some gains and returned to the 134.80 area...
Read more Previous

US: Banking on an appetite to spend – ING

James Knightley Senior Economist at ING, notes that for all the negative headlines regarding global growth risks and the need for the Fed to delay hiking, it doesn’t appear to have impacted the household sector with the appetite for debt and spending looking strong.
Read more Next
Start livechat