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Crude Oil Bounces, Moving Closer to $50

May 30, 2016 at 18:39 by Vladimir Vyun

Crude oil reversed its previous move down, rising above the opening level as of now. Futures traded rather close to the psychologically important level of $50, though for now have not exceeded it. It might be hard for crude to sustain the rally, considering that fundamentals have not changed and traders have not much hope for the upcoming meeting of the Organization of Petroleum Exporting Countries.

Trading is lighter than usual today due the Memorial Day in the United States. Low volumes can lead to volatile trading as they make easier for market participants (especially big institutions, funds etc.) to influence prices.

Contract for delivery of WTI crude oil in July went up 0.55% to $49.60 per barrel as of 18:32 GMT on NYMEX today. Brent crude gained 0.89% to $49.76 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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