Oil market concerns continued to disappear, as $US39-$US40 seemed to be a key level for a lot of short positions to close out and the buying associated with the short covering helped the WTI oil price rise another 2.3 percent overnight. Visit: www.marketsandyou.com - The world's number 1 financial investment alert provider. #marketsandyou #binaryaus #binaryoption #investing #signupnow #financialmarkets #tradingguide
The International Energy Agency (IEA) announced yesterday that the oil market will take more time to rebalance than previously expected and the supply continues to outpace future oil demand. Traders reacted to the news quickly as oil prices plunged more than two percent during the European trading session. We expect the WTI oil to trade weaker today ahead of the Crude Oil Inventories report in the US.