Oil moved down by over 3%

Discussion in 'CFDs' started by Profiforex_Victory, May 9, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Oil prices went down by over 3% today on Monday. This was after the effect of the wildfire in Canada had settled down in the market. There was as well as increased US crude inventory.

    The market saw a 2% increase as there was the significant concern about a drop of over 1million barrels for a day in Canadian oilsands supply. It is well known the wildfire in Canada had really halted oil production which contributed greatly in cutting down global supply as oil sands.

    Though Oil prices have made a rebound so far after hitting about $27 which is a 12-year low for the first quarter. The rebound was about two-third upward up as militant crisis in Libya had cut down in oil production coupled with loss of strength in the dollar.

    This was a decrease of about 3.5% in the Brent as it moved down to $43.77 from $46.68.

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