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Crude Oil News Update for Today 09 Oct 2015

Discussion in 'Stock Market Discussions' started by Capitalstars King, Oct 9, 2015.

  1. Capitalstars King

    Capitalstars King New Member

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    Crude Oil News
    [​IMG]
    Crude oil continued to gain making steady headway to trade above the $50 price level although fundamentals do not support the rise, especially after the IMF downgraded global growth and the EIA reported near record high inventory levels. Brent oil also rallied and remains near a multi month high at 53.48. Hopes and rumors that OPEC will consider reducing quotas at its next meeting are supporting price increases. Prices nudged higher by a weaker dollar, while investors temporarily overlooked an unexpectedly large rise in U.S. inventory levels that could quickly push the market back below $50 a barrel. Reuters reported that oil executives warned on Tuesday of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases.

     
    #1 Capitalstars King, Oct 9, 2015
    Last edited by a moderator: Oct 15, 2015
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