Oil Rises After Strong Gasoline Demand in US

February 26, 2016 Share Print 0

Crude oil prices reversed early losses on Friday, with Brent on track for its first weekly gain in a month, as strong U.S. gasoline demand and hopes of OPEC action outweighed concerns over fundamental oversupply.

Brent crude futures rose $1.47, or 4.2 percent, to $36.76 per barrel at 9:28 a.m. ET (1428 GMT), about $2 above an intraday low of $34.73.

U.S. West Texas Intermediate (WTI) crude futures were up $1.33, or 4 percent, at $34.40 a barrel, off a low of $32.76.

Futures extended gains after government data showed U.S. economic growth slowed in the fourth quarter, but not as sharply as initially thought.

Gross domestic product increased at a 1.0 percent annual rate instead of the previously reported 0.7 percent pace, the Commerce Department said on Friday in its second GDP estimate.
The gains, if they hold, would mark the third consecutive daily increase for Brent and the fifth for U.S. benchmark WTI.

via CNBC

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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.