U.S. oil rose on Friday on market talk of decreased supply from the Bakken shale in North Dakota.
Crude oil loadings at a dozen major North Dakota rail terminals fell by more than 200,000 barrels on average in the past two days, data from industry intelligence provider Genscape showed on Friday.
The U.S. Federal Railroad Administration said that any talk of a shutdown at the Bakken oilfield terminals was “a rumor.” However, market chatter about a rail terminal shutdown in the Bakken drove U.S. oil up 34 cents in one minute at 10:35 a.m. Eastern.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.