Both West Texas Intermediate and Brent crude fell on Thursday amid an
outlook for a stronger dollar and as projections for another weekly
jump in US crude oil inventories exacerbated concerns of a global supply overhang.
On the New York Mercantile Exchange, WTI for delivery in March fell 0.80% to $47.40 per barrel by 9:42 GMT, having shifted in a daily range of $47.69-$47.10. The contract rose 2.8% on Wednesday to $47.78.
Meanwhile on the ICE, Brent for settlement in the same month was down 0.22% to $48.92 a barrel, ranging between $49.15 and $48.50 during the day. The European benchmark crude added 2.17% yesterday to settle at $49.03. Brent was at a premium of $1.52 to its US counterpart, down from Wednesday’s close at $1.55.
Oil prices pared overnight gains as investors eyed the upcoming ECB policy decision, which is broadly expected to initiate a bond-buying program that would further devalue the euro against the US dollar, weighing on dollar-denominated commodities.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, WTI for delivery in March fell 0.80% to $47.40 per barrel by 9:42 GMT, having shifted in a daily range of $47.69-$47.10. The contract rose 2.8% on Wednesday to $47.78.
Meanwhile on the ICE, Brent for settlement in the same month was down 0.22% to $48.92 a barrel, ranging between $49.15 and $48.50 during the day. The European benchmark crude added 2.17% yesterday to settle at $49.03. Brent was at a premium of $1.52 to its US counterpart, down from Wednesday’s close at $1.55.
Oil prices pared overnight gains as investors eyed the upcoming ECB policy decision, which is broadly expected to initiate a bond-buying program that would further devalue the euro against the US dollar, weighing on dollar-denominated commodities.
Read more Click here / www.trade4x.net
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