9 May 2016
Oil consolidates the upside on Saudi, Canada news
Having witnessed a bullish opening gap this Monday, oil benchmarks on both sides of Atlantic are consolidating the upside as news over Saudi and Canadian wildfires continue to underpin.
Oil awaits weekly inventory reports
Currently, both crude benchmarks are seen in the green zone, with WTI rallying +1.81% at $ 45.52 while Brent oil rises +1.30% to trade at $ 45.96. Oil prices bounced higher this Monday as markets cheered news that Saudi Arabia ousted oil minister Naimi and appointed Aramco’s Khalid al-Falih, who is known to undertake reforms, in a bid to stabilize oil markets.
Moreover, mounting concerns over supply disruptions in response to the raging Canadian wildfires further added to the upbeat sentiment around the black gold.
Meanwhile, oil traders now await the weekly crude stockpiles report due later this week, for fresh insights on the oil fundamentals as well as for the next direction on the oil prices.
Oil awaits weekly inventory reports
Currently, both crude benchmarks are seen in the green zone, with WTI rallying +1.81% at $ 45.52 while Brent oil rises +1.30% to trade at $ 45.96. Oil prices bounced higher this Monday as markets cheered news that Saudi Arabia ousted oil minister Naimi and appointed Aramco’s Khalid al-Falih, who is known to undertake reforms, in a bid to stabilize oil markets.
Moreover, mounting concerns over supply disruptions in response to the raging Canadian wildfires further added to the upbeat sentiment around the black gold.
Meanwhile, oil traders now await the weekly crude stockpiles report due later this week, for fresh insights on the oil fundamentals as well as for the next direction on the oil prices.