Crude reverses losses following IEA report

Markets 9/13/2017, 12:07 PM
Crude reverses losses following IEA report

Oil prices traded in the green on Wednesday, reversing losses from earlier in the session after the IEA reported the global oil demand growth has been revised upwards for 2017. Meanwhile, investors continued to anticipate the EIA report due for release later today after market watchers already digested a bigger-than-expected rise in oil inventories for last week, according to API.

West Texas Intermediate for October delivery gained almost 1%, increasing 0.97% to trade for $48.790 per barrel at 11:54 am CET while the international benchmark Brent for settlements in November rose 0.59%, changing hands for $54.61 per barrel at 11:55 am CET. 

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F WBS+0.04%

Chart for: F WBS 11/17

Brent Crude (...+0.80%

Chart for: F BRN 11/17