Oil Erases Losses for the Week

Before you go, we thought you'd like these...
Before you go close icon

Crude oil has finally managed to break a three day losing streak and was back above $88 per barrel. Today's gain may be nothing more than an oversold bounce, but there are some bullish indicators as well. Traders cited talks around the coming fiscal cliff, but an expiration may have helped oil too. The gain seen so far on Thursday was 1.6% to $87.86 but oil did get above $88 earlier today. Another issue around that gain is that this effectively takes out the losses in prior days.

Other factors that have been helping oil today are continued issues in the Middle East as well as ongoing pressure against Iran. A higher revised 2.7% GDP added some interest as well, although is just a revision and should have been anticipated.

Oil has been in a trading range of $85 to $89 for most of the last month. Meanwhile, Brent Sea Crude rose $1.25 to $110 76 per barrel earlier today.

JON C. OGG


Filed under: 24/7 Wall St. Wire, Commodities & Metals, Oil & Gas
Read Full Story

Markets

S&P 500 2,343.98 -1.98 -0.08%
DJIA 20,596.72 -59.86 -0.29%
NASDAQ 5,828.74 11.04 0.19%
DAX 11,960.09 -104.18 -0.86%
NIKKEI 225 18,985.59 -276.94 -1.44%
HANG SENG 24,178.75 -179.52 -0.74%
USD (per EUR) 1.09 0.00 0.19%
USD (per CHF) 0.98 0.00 -0.43%
JPY (per USD) 110.18 -0.37 -0.33%
GBP (per USD) 1.26 0.00 0.39%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners