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4 Feb 2016
Oil reverses gains and turns negative in volatile trade
Oil prices reversed early gains and fell to negative ground for the day during the American session, dragged lower by a US dollar recovery across the board.
West Texas Intermediate crude for March reached a high of $33.60 a barrel but then turned lower and fell back below $32.00 a barrel, It was last trading 1.27% down at 31.84 a barrel.
Despite recent recovery, global supply glut concerns might prevent crude prices to stage a longer-term bounce. On Wednesday the EIA reported US crude stockpiles grew by 7.8 million barrels last week, against expectations of a 4.8 million gain.
US stocks failed to sustain gains and also turned lower, weighed by the commodity’s pullback.
West Texas Intermediate crude for March reached a high of $33.60 a barrel but then turned lower and fell back below $32.00 a barrel, It was last trading 1.27% down at 31.84 a barrel.
Despite recent recovery, global supply glut concerns might prevent crude prices to stage a longer-term bounce. On Wednesday the EIA reported US crude stockpiles grew by 7.8 million barrels last week, against expectations of a 4.8 million gain.
US stocks failed to sustain gains and also turned lower, weighed by the commodity’s pullback.