Oil Is Down 1 Percent After Post Holiday Gains

 Crude oil prices were trading in the red zone on Thursday after gains from the previous day due to fears of oversupply and weakening of the global economy, which eased price declines.

Despite the rise in the stock market after the Christmas holiday, yesterday prices rose by a two-year high, as worries over economic growth and oil supply continued, but Wednesday's rally in US stocks eased the decline.

The US WTI index fell nearly 1% below $ 46 a barrel, with Brent crude also falling by the same amount.

Despite yesterday's 9% rebound, oil prices remained relatively low as market watchers worried about the expected global economic slowdown in 2019 and its impact on demand for crude oil amid continuing oversupply. High levels of Russian and US crude oil production continue to worry investors despite Opec + measures to cut production.

Oil prices rose yesterday after Russia indicated that OPEC and its allies were ready to meet when needed to help manage the oil market, backed by gains in US stocks after the White House confirmed that the post of Federal Reserve Chairman, Jerome Powell, was safe and not subject to dismissal.

Oil contracts

  • WTI crude for February fell 1.34%, falling to $ 45.58 a barrel at 9:04 am CET.
  • While Brent crude for the month fell 1.49% to 53.73 dollars a barrel at 9:06 am.

Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.