Oil remains choppy on supply concerns [Video]

Steve O'Hare Signal Centre

Oil prices were subjected to choppy trading on Tuesday with markets continuing to debate underlying supply and demand conditions.

Markets were still wary over supply conditions, especially with unease over Chinese conditions.

Overall, WTI failed to hold initial gains and dipped sharply to lows below $69.50 as equities dipped before a fresh recovery to above $70.0 p/b.

API data recorded a large crude inventory draw of 6.1mn barrels compared with expectations of 2.4mn with gasoline stocks also declining which underpinned sentiment.

WTI strengthened to $71.50 p/b on Wednesday as risk appetite also strengthened with Brent around $75.40 p/b.

Author

Steve O'Hare

Signal Centre

Steve has over 30 years of trading experience in Commodity, Equity and Fixed Income markets, in both research and trading.

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