Oil Rally Falters As Traders Seize Profits

6 Jan 2018   Prices

After a strong start to 2018, oil prices fell back slightly on Friday morning. While geopolitical tensions and strong inventory drawdowns were the main culprits for the rise in prices, a strong build in gasoline stocks slowed both WTI and Brent’s momentum. Oil prices fell back on Friday during early trading after posting strong gains for much of the week. The tension in Iran has helped push prices up, and a strong U.S. crude inventory drawdown added some momentum on Thursday, although that bullish data was slightly offset by the large build in gasoline stocks. Overall, by Friday, it appeared that oil traders had sold off some positions to pocket some of the recent gains. The breather raises questions about the durability of the current rally. Trump admin […]

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