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Friday, 5 August 2016

Oil pares biggest two-day rally in a month | GulfNews.com

Oil pares biggest two-day rally in a month | GulfNews.com:

"Oil declined after the biggest two-day increase in more than a month as prices fluctuated following a fall into a bear market this week.

Futures dropped as much as 1.2 per cent in New York after rising 6.1 per cent the previous two sessions, rebounding from the lowest closing price since April. Baker Hughes Inc. reports drill rig data Friday, which will signal if US producers are continuing to boost activity. Government figures Wednesday showed gasoline inventories fell, while crude stockpiles unexpectedly rose. Both are at the highest seasonal level in at least two decades.

Oil is fluctuating after tumbling more than 20 per cent into a bear market and closing below $40 a barrel on Tuesday for the first time in almost four months. Citigroup Inc. and Bank of America Merrill Lynch predicted the slump would be short-lived, while Societe Generale SA said the price correction would be limited due to a better balance between supply and demand.

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