Oil Edges Higher After Hitting Multi-Month Lows

Oil edged up from multi-month lows on Thursday, but prices remained under pressure from a supply glut that has persisted despite OPEC-led efforts to balance the market.

Brent crude futures were up 40 cents at $45.22 a barrel at 1017 GMT, after falling as low as $44.53 earlier in the day. They fell 2.6 percent in the previous session to $44.35, their lowest since November.

U.S. crude futures were up 29 cents at $42.82 a barrel, after also slipping earlier in the day. On Wednesday, they touched $42.05, their lowest intraday level since August 2016.

Reuters

Oil Steadies, But For How Long?

Opportunistic price action

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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.