Record Indian Oil Imports Spurs Further Oil Gains

Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.

Brent crude futures were up 21 cents, or 0.4 percent, at $52.62 a barrel at 0639 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3 percent, from their last settlement at $50.94 per barrel.

Traders said that prices were boosted by record Indian oil imports.

Reuters

USDCAD Canadian Dollar Lower Despite OPEC’s Oil Boost

OANDA MP – EUR Breaks Below Consolidation (Video)

USD/CAD – Canadian Dollar Under Pressure, Markets Eye Fed Minutes

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.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.