OANDA - Oil futures commentary

News   •   Oct 06, 2016 00:52 +08

Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:

Oil saw profit taking last night in early New York, before making yet another jump higher as American Petroleum Institute inventories showed a 7.6 million barrel drawdown.

All eyes now turn to the EIA crude inventory numbers tonight where yet another unexpected inventory drawdown should see the key 51.10 level in Brent broken for a move above 52.00 a barrel.

WTI has broken 48.90 and will now have its sights set on the key 50.00 a barrel area should the EIA figures following the trend of the previous weeks.

For direct comment, please contact:

Jeffrey Halley Business Development and Market Strategist, OANDA Asia Pacific

Representative No. HJD300377750



t:+65 6579 8288 ext 212121