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Oil Ignores API Data, Gains as Glencore Stocks Rally

September 29, 2015 at 22:39 by Vladimir Vyun

Crude oil rallied today as Glencore stocks bounced after the recent slump. The major mining company and commodity trader was in spotlight recently as traders speculated that the drop of its shares spells doom for the commodity market. Despite the rally, traders remained unconvinced in the company’s ability to emerge unscathed from the current situation.

The supply data from American Petroleum Institute was negative for crude as it showed a build-up of US stocks by 4.6 million to 457.8 million barrels last week. Not all the data was bad, tough, as it also showed a drawdown from Cushing reserves by about 1.2 million barrels. As a result, the report did not prevent oil prices from rising.

November futures for WTI crude oil advanced as much as 1.8 percent to $45.23 per barrel as of 22:30 GMT on NYMEX today. Contract for delivery of Brent crude climbed 1.29 percent to $47.95 per barrel on ICE.

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