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Rally of Crude Oil Loses Steam

April 14, 2016 at 23:11 by Vladimir Vyun

Futures for crude oil fell today, leading to speculations that the commodity’s rally is losing steam. While major oil countries are going to meet this weekend for discussion of output freeze, analysts are skeptical about their ability to reach an agreement. Adding to oil’s woes, the International Energy Agency said that the freeze would not impact the supply glut to any noticeable degree. As for production cuts, it looks like such a deal remains a distant prospect, if possible at all. With all the negative fundamentals, many traders turned bearish on oil.

Contract for delivery of WTI crude in May fell 0.39% to $41.34 per barrel as of 22:57 GMT on NYMEX today. Brent grade lost 0.77% of its value to $43.84 per barrel on ICE.

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

2 Responses to “Rally of Crude Oil Loses Steam”

  1. Asaf Hovav

    Hi
    I am looking for long/short position (P/C ratio) upon commodities
    where can I find the most updated data/info?

    Thank you
    Asaf Hovav

    [Reply]

    Andriy Moraru Reply:

    As far as I remember, you can subscribe to such data feeds on Interactive Brokers, but it is not cheap and IB’s minimum account size is $10,000, so it is probably not worth it if you are not planning to trade with them.

    [Reply]

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