Oil Prices Rebound As United State Stock Falls - Investing News
Oil prices rebounded sharply after a surprisingly sharp drop in US stocks, as reported by the American Petroleum Institute, taking the market by surprise.
At around 8.50 am, U.S. oil futures were up 2.3% to $ 39.16 a barrel, while the international benchmark contract Brent was up 2.15% to $ 41.40.
The API estimated that US oil stocks fell 9.5 million barrels last week, confounding expectations for an increase of 2 million barrels. If corroborated at 11:30 am by government data, it could ease some of the worst fears about a faltering recovery in global fuel demand.
Also broke EMA1004H as protection zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.