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Oil is recovering from its lowest level in 3 months and oversupply is still a source of concern

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Rocky


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Oil is recovering from its lowest level in 3 months and oversupply is still a source of concern




11.19.2015


Oil futures prices fell to their lowest levels in about three months, driving US crude fell below $ 40 a barrel before recovering to close at rising due to purchases to cover short positions but abundant global supplies remain a concern in the market.
Data from the US Energy Information Administration said commercial crude oil inventories in the United States increased 250 thousand barrels last week, much less than the average analysts' expectations, who was referring to an increase of two million barrel rise.
He persuaded the smaller-than-expected growth stocks some traders and investors buying to cover short positions in late trading, which helped oil prices recover.
Earlier, futures prices tumbled after the Energy Information Administration showed data eighth consecutive weekly increase in crude stocks to reach 487.3 million barrels strongly to near a record high registered in April, amounting to 490.9 million barrels.
And ended US crude contracts to the nearest high trading session maturity of 8 cents to a record settled at US $ 40.75 a barrel after it fell earlier in the session to 39.91 Dlar the first time since the twenty-seventh of August, which descend in which the level of $ 40.
And Brent closed 57 cents higher, or 1.3 percent, at $ 44.14 a barrel, supported by expectations of relatively better ore global crude measurement against the US. Ended 29 quarters e

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