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Crude Trades Above Opening After Volatile Session

April 13, 2015 at 21:43 by Vladimir Vyun

Futures for crude oil gained during today’s volatile trading. Prices were swinging between gains and losses during the trading session, but as of now crude is above the opening level.

There are conflicting fundamentals in play which explain the choppy trading. On one hand, tensions in the Middle East, and the conflict in Yemen in particular, lead to concerns about supply that is bullish for the commodity. On the other hand, prospects for ample global output remain, and it is a very bearish factor.

There was an additional negative factor for crude oil, namely the release of a worse-than-expected foreign-trade report from China. The Asian nation imported 6.3 million barrels per day in March, and this is 5.2 percent below the previous month’s level.

Futures for delivery of WTI crude oil in May advanced 0.7 percent to $52 per barrel as of 21:26 GMT on NYMEX today. Contract for Brent crude gained 0.26 percent to $58.02 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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