Oil rebounded 2% awaiting the weekly report Booking

Oil rebounded 2% awaiting the weekly report Booking

awaiting the weekly report of reserves
futures of West Texas Intermediate surged during the day trading in Europe on Wednesday after steep losses in the previous session, amid rumors that weekly data on reserves, planned for the course of the day, they indicate that they rose last week.
The Energy Information Administration US will release its weekly report on oil reserves at 10:30 East Coast time (16:30 in Spain), on expectations that point to an increase of 3.6 million barrels.
After markets closed Tuesday, the American Petroleum Institute announced an increase of 2.4 million barrels in US crude stocks for the week ending February 5.
According to the institute, the oil reserves in Cushing, Oklahoma, a key point of delivery WTI, rose by 715,000 barrels.
On the New York Mercantile Exchange, oil for March delivery traded at $ 28.70 a barrel at 3:50 East Coast time (9:50 in Spain), with an increase of 2.7% or 75 cents.

 

Oil rebounded 2% awaiting the weekly report Booking

Oil rebounded 2% awaiting the weekly report Booking

 

 

Prices 5.89% or $ 1.75 plummeted during the previous day and closed the session at $ 27.94, as pessimism the report of the International Energy Agency predicted a greater imbalance in demand booking in global markets.
Moreover, on the ICE Futures Exchange in London, the Brent oil for April delivery rose 3.23% or 98 cents to trade at $ 33.30 a barrel.
Prices of Brent traded in London closed the day before plummeting 7.79% or $ 2.56, to the constant concern about the glut of global reserves.
The global oil production is outpacing demand following the boom in shale oil production in the United States and after the Organization of Petroleum Exporting Countries decided last year not stop production levels to defend market shares.
The theme of the superabundance is further complicate Iran to rejoining the international oil market.
Meanwhile, the spread between the Brent and crude contracts for West Texas Intermediate was at $ 2.60 a barrel, compared with the gap of $ 2.38 recorded at the end of Tuesday.

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