Wednesday, 13 January 2016

Crude oil rises for first time in 8 days after US stocks fall

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Crude futures rose on Wednesday for the first time in eight days, with US oil pulling further away from the widely watched USD 30-per-barrel level breached the previous session, after US crude stocks unexpectedly fell last week. 

US West Texas Intermediate crude (WTI) was up 44 cents at USD 30.88 a barrel at 0144 GMT. On Tuesday, it fell 97 cents to close at USD 30.44 a barrel, after touching a low of USD 29.93, which was last seen in December 2003. 

Brent crude, the global benchmark, was up 34 cents at USD 31.20 a barrel. 

The contract fell 69 cents to settle at USD 30.86, after bottoming at USD 30.34, on Tuesday. 

The USD 30 mark is both a psychological and financial threshold and, in recent days, traders have poured money into USD 30 put options for expiration in February and March.

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