9 Mar 2016
Oil rallies, Brent trades above $40
Oil strengthened on both sides of the Atlantic, with Brent rising above $40/barrel on the back of risk-on trading in Europe and prospects of production freeze by major oil producers.
Dips in oil prices are being bought into on hopes of major oil producers signing a production freeze accord later this month. Oil traders also ignored a report from Shana news, which showed Iran increased its oil exports and plans to do the same throughout the year.
At the time of writing, Brent futures were up 1.9% or 76 cents at $40.40/barrel. WTI futures were up 62 cents or 1.6% at $37.10/barrel.
Traders now await the weekly US government oil inventory data. Prices have also found support off late on dwindling US oil output.
Dips in oil prices are being bought into on hopes of major oil producers signing a production freeze accord later this month. Oil traders also ignored a report from Shana news, which showed Iran increased its oil exports and plans to do the same throughout the year.
At the time of writing, Brent futures were up 1.9% or 76 cents at $40.40/barrel. WTI futures were up 62 cents or 1.6% at $37.10/barrel.
Traders now await the weekly US government oil inventory data. Prices have also found support off late on dwindling US oil output.