Oil ebbs as physical excess undermines futures push

Oil ebbs as physical excess undermines futures push
 

Brent crude futures fell on Friday after briefly nearing their 2016 high, as financial market confidence in the rally came up against a physical excess of crude.
Brent LCOc1 traded at $52.11 at 1000 GMT, 40 cents down, after touching $52.84 earlier, two cents below the 2016 high.
U.S. oil futures traded as high as $50.74 a barrel, a three and a half month high, before falling by 30 cents to $50.14 a barrel. On Thursday they settled at $50.44 per barrel - the first settlement above $50 since June 23.
The rally had come despite a strengthening dollar, which makes oil more expensive for... read more

 
7 October 2016 in Business, Views: 36
Source: Reuters
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