7 Nov 2013
Crude Oil consolidates around $94.84 zone
FXstreet.com (Athens) – Crude oil is in consolidation mode, around its yesterday’s close, while Brent is grinding slowly downwards, alongside with gold.
Crude oil price is moving around its yesterday’s close (around $94.84/brl) down 0.05%,while Brent is moving at $104.53, down 0.37%. On Wednesday, U.S. crude futures rose by more than $1 a barrel rebounding from four-month lows on unexpectedly large falls in U.S. fuel supplies. Brent crude lost 9 cents to settle at $105.24, after gaining more than $1 to hit a session high of $106.41. What’s more U.S. crude oil rose by $1.43 on Wednesday, to settle at $94.80, paring gains of over $2 that brought it to a session high of $95.40. Market participants might attribute the decline of the oil prices to the fact that Crude oil inventories grew by 1.58 million barrels, slightly less than the forecast for 1.6 million. The smaller-than-expected build tempered concerns about growing stockpiles, despite its being the seventh straight week of builds. Finally, gold is trading at 1317.10, down 0.07%, after its yesterday rise up 0.5% at $1,317.24 an ounce. The metal had dropped 3 percent over the past seven sessions, which matched the longest losing streak set in early May.
Crude oil price is moving around its yesterday’s close (around $94.84/brl) down 0.05%,while Brent is moving at $104.53, down 0.37%. On Wednesday, U.S. crude futures rose by more than $1 a barrel rebounding from four-month lows on unexpectedly large falls in U.S. fuel supplies. Brent crude lost 9 cents to settle at $105.24, after gaining more than $1 to hit a session high of $106.41. What’s more U.S. crude oil rose by $1.43 on Wednesday, to settle at $94.80, paring gains of over $2 that brought it to a session high of $95.40. Market participants might attribute the decline of the oil prices to the fact that Crude oil inventories grew by 1.58 million barrels, slightly less than the forecast for 1.6 million. The smaller-than-expected build tempered concerns about growing stockpiles, despite its being the seventh straight week of builds. Finally, gold is trading at 1317.10, down 0.07%, after its yesterday rise up 0.5% at $1,317.24 an ounce. The metal had dropped 3 percent over the past seven sessions, which matched the longest losing streak set in early May.