Oil Prices Rally $3 from Lows, Supported by Output Cuts and Tighter Supply
TL;DR
Despite concerns about the Chinese economy causing a $2 drop in crude prices earlier in the day, oil made an impressive recovery in New York trading, rallying $3 to reach $83.03. This turnaround demonstrates independent strength in the oil market, which is currently tight. However, there are concerns that the trade may have been influenced by leaked API data, with official data set to be released later. If oil can maintain its strength through the upcoming data releases, it has a good chance of surpassing the year-to-date highs set in April.
- Impressive day for oil as it rallies $3 from the lows ForexLive
- Oil rises as tighter supply offsets China demand concern Reuters
- Oil Prices Edge Down, Retreating From Overnight Gains The Wall Street Journal
- Crude Oil At 4-Month High, Output Cuts From Russia & Saudi Arabia Into September Supporting Rally CNBC-TV18
- Crude Oil Futures: Rally appears exhausted FXStreet
- View Full Coverage on Google News
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