Trade view /
08 September 2016 at 7:09 GMT
Oil has raced higher following the surprise announcement from the American Petroleum Institute last night. In their weekly update on US inventories they reported a 12.1 million barrel drop in crude oil inventories. Although most of reduction was driven by lower imports due to loading problems during the tropical storm Hermine last week.
Additional support has come from China where the August trade data showed oil imports at a four-month high while exports of refined products reached a four-month low.
These developments have seen CLV6 return to the near the high from Monday and at the time of writing this the peak today has been $46.49 just one tick short of our first take profit level at $46.50. Let us go to market on this limit order and maintain the second target at $47.80 while raising the stop to $44.50, just below yesterday’s low.
— Edited by Clare MacCarthy
Non-independent investment research disclaimer applies. Read more