Oil futures spiked in late trade on Wednesday, marking the strongest daily gain in more than two years on short covering ahead of options expiration.
Both US and Brent crude oil shook off a US government report which showed that US crude oil stockpiles rose far more than expected last week due to rocketing domestic production, as traders instead focused on technical trades.
Brent crude rose $US2.10 to settle at $US46.38 a barrel. The benchmark hit a low of $US45.19 on Tuesday, the lowest since March 2009, amid increasing US stocks and a continuing global supply glut.
US crude oil settled at $US48.48 up $US2.59.
US government data showed crude stocks rose 5.4 million barrels, more than 10 times what analysts had expected. Inventories at the Cushing, Oklahoma, delivery hub for the US futures contract, rose 1.8 million barrels.
But the big builds in inventories may have been offset by figures showing an increase in demand, said Andrew Lipow, president of Lipow Oil Associates.
http://www.smh.com.au/business/mark...ons-expiry-20150115-12oe9p.html#ixzz3OqDG70fS
Covering the lost of options.
Oil futures spiked in late trade on Wednesday, marking the...
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Last
$7.84 |
Change
0.100(1.29%) |
Mkt cap ! $25.46B | |||
| Open | High | Low | Value | Volume |
| $7.80 | $7.89 | $7.80 | $44.20M | 5.631M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 2389 | $7.83 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.84 | 129419 | 3 |
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