Home/Commodities/Newsfeed

Oil Rises After Start of the Week Fall

Share Print 0

Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session.

Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices RBc1 pressured the market.

A broker said Tuesday’s gains were mainly driven by market participants with short positions locking in profit following Monday’s falls, while other traders took the price fall as an opportunity to place new orders.

Front-month U.S. crude futures CLc1 were trading at $44.30 per barrel at 0029 GMT on Tuesday, up 30 cents from their last settlement. Internationally traded Brent futures LCOc1 were up 32 cents at $46.69 a barrel.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top