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U.S. oil futures settle down for the session, up 18% for the month

U.S. benchmark oil futures settled higher on Thursday, but still finished the month with a roughly 18% gain. “Crude prices sharply reversed gains after profit taking took effect as oil was headed for its biggest January gain on record,” said Edward Moya, market analyst at Oanda. “The market for the most part expected West Texas Intermediate crude to average around $60 a barrel in 2019 and the January rally may have gotten out of hand.” March West Texas Intermediate oil CLH9, -0.68% fell by 44 cents, or 0.8%, to settle at $53.79 a barrel after trading as high as $55.37.

MarketWatch [1]

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Ed Moya

Ed Moya [5]

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya