FXStreet (Guatemala) – Analysts at noted the volatility in the oil prices earlier this week and explained the reasoning.
Key Quotes:
“Crude oil prices were higher on Tuesday (26 Jan) on speculation of possible coordination between Saudi Arabia and Russia to cut petroleum output following comments by Iraqi Oil Minister Adel Abdulmahdi said at a conference in Kuwait. US Nymex WTI futures jumped by US$1.11 to US$31.45 while the London Brent oil futures was up by US$1.30 to close at US$31.80.
However, oil prices resumed its downside pressure in Wednesday (27 Jan) trading as profit taking took the US crude futures 3% lower and again threatening the US$30 mark as the focus returned to the oversupply situation.”
(Market News Provided by FXstreet)