Oil prices were again supported by supply concerns to post net gains [Video]

Joe Neighbour Signal Centre

Concerns over further disruption to Gulf of Mexico output continued to underpin oil prices during Tuesday. There were, however, reservations over Chinese demand trends.

There was choppy trading following the US inflation data with initial gains on a weaker dollar reversed as the US currency regained ground.

WTI dipped to near $70.0 p/b, but there was solid buying on dips and the API data recorded a 5.4mn barrel draw in crude inventories which boosted confidence.

WTI secured a net advance to near $71.0 p/b with Brent just above $74.0 p/b.

Author

Joe Neighbour

Signal Centre

Joe started his career in financial services with HSBC at 18 years old before moving into the broking arena at several small to medium-size firms.

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