Canadian Floods Hit Supply as Oil near $102

Oil rose towards $102 a barrel on Tuesday, rebounding from a three-week low, as investor concern eased about a liquidity crunch in China and as Canadian pipeline closures threatened exports to the United States.

Chinese central bank officials sought to reassure investors liquidity would be kept at an appropriate level to support growth, and two Federal Reserve officials on Monday downplayed the notion of an imminent end to monetary stimulus, in comments that supported equities and commodities.

Brent crude gained 64 cents to $101.80 a barrel by 0932 GMT, after reaching a three-week low of $99.67 on Monday. U.S. oil rose 60 cents to $95.78.

via Reuters

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Alfonso Esparza

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.
Alfonso Esparza