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28 Jul 2015
Oil makes a U-turn and climbs to fresh daily highs
FXStreet (Córdoba) - Crude oil bounced sharply from below $47 a barrel and rose more than a buck over the last minutes turning positive for the day.
The West Texas Intermediate crude posted its lowest level since March at $46.807bbl from where it rebounded toward fresh daily highs above $48.50. At time of writing, WTI was trading at $48.15 up 2% on Tuesday. The turnaround has put crude on track for its first gains after four session of losses.
However, oil has been in a bearish trend over the last months, having lost more than $60 per barrel from 2014 highs amid global supply glut. The cycle low was set at $43.89 a barrel back on January 29.
The West Texas Intermediate crude posted its lowest level since March at $46.807bbl from where it rebounded toward fresh daily highs above $48.50. At time of writing, WTI was trading at $48.15 up 2% on Tuesday. The turnaround has put crude on track for its first gains after four session of losses.
However, oil has been in a bearish trend over the last months, having lost more than $60 per barrel from 2014 highs amid global supply glut. The cycle low was set at $43.89 a barrel back on January 29.