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Currencies Oil West TX Oil Rallies to $56 on Falling Crude Inventories

marketpulse

Oil prices jumped on Wednesday as U.S. data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production.

WTI crude closed 54 cents higher at $56.47 per barrel after surging to a session high of $58.98. It touched its lowest level since May 2009 at $53.60 on Tuesday.

Front-month Brent was last up $1 to $61 a barrel shortly on Wednesday. It traded as high as $63.40 earlier in the afternoon. The January Brent contract, which expired in the prior session, hit a low of $58.50 on Tuesday, its weakest since May 2009.

About Stuart McPhee

Stuart McPheeSenior Currency Technical Analyst, Stuart McPhee has more than 16 years’ experience as a private trader and he specializes in technical market analysis of major currency pairs. He is the author of several bestselling trading books, most recently the fourth edition of his popular book “Trading in a Nutshell” (John Wiley), and he contributes articles to daily newsletters and blogs. He produces articles and videos on the how-tos of technical trading. Based in Australia, Stuart speaks at conferences and events worldwide. Follow on Twitter and on his Google+ profile.