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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 [1]

Oil Steadies, But For How Long? [2]

Opportunistic price action [3]

[4]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [8]

Senior Market Analyst - UK & EMEA at OANDA [9]
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam