FX & CFD trading involves significant risk
Oil is trading higher today continuing Friday's bullish momentum on weaker Chinese data that could lead to further stimulus measures taken by the Peoples Bank of China - China is the world's second largest consumer of oil - and decreasing numbers of active drilling rigs in the U.S. Baker Hughes reported on Friday that rig-numbers declined the most in a month and the 18th consecutive month. Still, U.S. stockpiles are at a record and Saudi Arabia, the OPEC's largest producer is pumping at record levels. Brent Crude added +1.47% currently trading at USD58.72 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate rose by +1.51% currently quoted at USD52.42.
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