Oil Prices slightly rose, according to The U.S. Energy Information Administration said in its weekly report Wednesday that crude oil inventories rose by 4.7 million barrels last week. Market analysts' expected a crude-stock rise of 32,000 barrels. Seems like a great time to investing on stocks market
We reported, At 455.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery tacked on 14 cents, or 0.28%, to trade at $50.64 a barrel. On Wednesday, Brent futures rallied 94 cents, or 1.9%. Rebounds of oil prices is because of positive sentiments
Latest news from crude oil traded, Crude oil prices have been under heavy selling pressure in recent months amid concerns over a growing glut in world markets.
As we knew that Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the OPEC last year not to cut production. Holding oil prices keep lower
China slower pace of economic growth brings oil prices keep lower, Mounting concerns over slowing growth in China combined with worries that the Federal Reserve will hike rates at its next policy meeting in September also weighed.
Meanwhile, Later in the session, the U.S. was to release data on the trade balance as well as weekly figures on jobless claims, while the ISM is to report on service sector growth.
Commodities trader and forex trader wait and see, Investors were also looking ahead to Friday's U.S. jobs report for August, which could help to provide clarity on the likelihood of a near-term interest rate hike.
The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. And speculate more on safe haven currency US dollar
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