Oil Volatile as EU Iran Plan and Venezuela Supply Balance Market

Oil prices steadied on Thursday, but concerns over global growth and a sharp rise in U.S. stocks kept the market under pressure.
International Brent crude oil futures were at $61.17 a barrel at 0124 GMT, up 3 cents from their last settlement, having closed down 0.6 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were at $52.63 per barrel, up 3 cents from their last settlement. WTI futures closed little changed on Wednesday.

West Texas Intermediate graph

Analysts said oil remains under pressure amid growing concerns about a slowdown in global economic growth.

“Global energy demand has been soft as uncertainty remains in the minds of investors,” said Alfonso Esparza, senior analyst, OANDA.

Analysts also pointed to a surprise increase in U.S. crude stocks after refineries cut output, according to industry data.

via Business Insider

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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