WTI Breaks Above $40 Ahead of Doha Summit

April 12, 2016 Share Print 0

Oil reached a 2016 high above $43 a barrel on Tuesday, supported by hopes that an upcoming meeting of oil producers will tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China.

Members of OPEC and outside producers such as Russia are meeting in Doha, Qatar on Sunday to discuss freezing output. The dollar fell to its lowest in nearly eight months against a basket of currencies, supporting commodities.

Brent crude futures were up 31 cents at $43.14 a barrel by 9:12 a.m. ET (1312 GMT), having earlier in the session reached a 2016 high of $43.58.

U.S. West Texas Intermediate (WTI) was up 3 cents to $40.39 a barrel, off a session peak of $40.91.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.