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Oil bounces from week low

10th September 2015

Oil rallied on Thursday ahead of a weekly report on US supplies after falling by almost four per cent in the previous session.

US light crude rose by more than one per cent to trade near $45 a barrel, while Brent crude was up 0.8 per cent at $48.

On Wednesday oil prices plunged $1.79, or 3.9 per cent, on the New York Mercantile Exchange.

A report from the American Petroleum Institute said that US crude inventories rose by 2.1 million barrels last week.

Traders were turning their attention to the weekly supply data from the US Energy Information Administration, which is out a day later than usual because of Monday’s Labor Day holiday.

Elsewhere, fears of deflation in China stoked fears about global growth, sending stock markets broadly lower.

Stocks in the US fell overnight, led by Apple, but futures trading pointed to a stronger open on Wall Street on Thursday.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.