Oil Rises Despite Higher Inventories

Oil prices rose on Thursday as an equity market rally offset a surprise increase in U.S. oil inventory levels and a firm dollar.

Rangebound crude got a boost after the European Central Bank pledged to keep monetary policy loose and said it was ready to take further policy action if needed.

A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, have helped oil prices stabilize after weeks of huge swings.

Brent LCOc1 was up $1.50 at $52 a barrel by 1421 GMT, after rising 94 cents in the previous session.

U.S. crude CLc1 rose $1.70 to $47.95 a barrel, up from the day’s low of $45.65 and after settling 84 cents higher on Wednesday.

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