Oil hits fresh lows below $41 after a short-lived rally

FXStreet (Córdoba) – Oil prices are back into negative territory and below the $41 area after being unable to hold to gains.

The price of the WTI barrel jumped after Iran official’s mentioned that an output cut was agreed at the OPEC meeting. Then representatives from other countries denied a support for a cut, and the price reversed sharply.

Price peaked at $41.95 but only to dropped back below $41.00 in a movement of a few minutes. Crude currently trades at $40.70, at the lowest level since November 23, on the back of a stronger US dollar and a larger-than-expected increase in crude inventories (reported by EIA).

Oil prices are back into negative territory and below the $41 area after being unable to hold to gains.

(Market News Provided by FXstreet)