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9 Feb 2016
Oil strengthened again amid holiday-thinned trading
Oil prices strengthened in Asia amid low volumes, but look wobbly in early Europe as concerns of excess supply and risk-off in equities cap gains.
At the time of writing, the Brent futures were trading largely unchanged on the day around USD 32.90/barrel. Across the pond, the WTI futures were up 30 cents or 1% at USD 30.00/barrel.
Prices nosedived on Monday after the meeting between Venezuela and Saudi Arabia held over the weekend failed to end with a constructive deal.
However, prices ticked higher in Asia today; something we had seen on Monday as well. Major Asian markets are closed on account of Lunar New Year holidays.
At the time of writing, the Brent futures were trading largely unchanged on the day around USD 32.90/barrel. Across the pond, the WTI futures were up 30 cents or 1% at USD 30.00/barrel.
Prices nosedived on Monday after the meeting between Venezuela and Saudi Arabia held over the weekend failed to end with a constructive deal.
However, prices ticked higher in Asia today; something we had seen on Monday as well. Major Asian markets are closed on account of Lunar New Year holidays.