Oil Rally Ends After USD Regains Ground

Oil futures lost some momentum on Friday morning after earlier extending the week’s rally on U.S. Federal Reserve minutes suggesting there was no hurry to raise interest rates and an influential forecaster’s prediction for higher prices.

Brent, the global benchmark, was down 22 cents at $52.83 a barrel at 9:33 a.m. EDT (1333 GMT), on track to rise about 10 percent this week alone.

U.S. crude was up 36 cents at $49.79 a barrel, after earlier touching $50.92, the highest level in more than two months.

The U.S. central bank’s meeting minutes showed more policymakers than expected agreed to keep the first interest rate hike in a decade on hold. The news also supported equity markets on Friday, with top European stocks climbing to a one-month high.

via CNBC

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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