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Brent Almost Reaches 50 USD per Barrel

Today Brent on November contracts almost reached $50 USD per barrel, with WTI not far behind at $46.6 per barrel.

The slight oil quote growth is linked to investor expectations with regards to US oil reserve statistics based on numbers for last week. According to preliminary data, the reserves are falling. Chinese data is holding the quotes back from heading any higher: the September service sector PMI for the country has come out worse than expected and is down to 47 points. As such, the indicator has now been falling for over a year.

Investors are factoring in the risks of a Chinese slowdown into the price of oil.

Oil is to trade in a narrow range until the end of the day: Brent is unlikely to head outside of $48.5-50.0 and WTI will be between $46 and $47 per barrel.

24 September, 11:57 (GMT+3)
Brent Tops 48 Dollars

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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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