Oil prices poised for a weekly gain

FXStreet (Mumbai) – Oil prices at both the sides of the Atlantic are poised for a weekly gain despite the supply glut showing no signs of abating.

WTI outperforms Brent

At the time of writing, WTI oil was down 23 cents at USD 45.83/barrel, but poised for a weekly gain of more than 3.5%. Meanwhile, Brent was up 7 cents at USD 48.87/barrel and poised for a weekly gain of 2%.

A smaller than expected rise in the US inventory helped the oil prices rally this week. The Reuters survey also showed the OPEC output could fall this month. Meanwhile, China’s Ministry of Commerce announced a doubling in the country’s crude oil import quota for 2016.

All those factors combined led to a rally in crude prices. As of now, the prices are trading flat to negative.

Oil prices at both the sides of the Atlantic are poised for a weekly gain despite the supply glut showing no signs of abating.

(Market News Provided by FXstreet)