Trader’s Timeout: Oil Receives a Temporary Boost After Disastrous Week

[kreslik.news]

This article was written by Evdokia Pitsillidou, Risk Management Associate at easyMarkets.

Last week’s oil-price collapse received a temporary reprieve on Friday after Russian President Vladimir Putin reaffirmed his country’s commitment to rebalancing the market with OPEC.

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Brent crude for November delivery advanced $1.38 or 3% to close at $46.83 a barrel Friday. The futures price briefly traded above $47 a barrel before returning lower. For the week, Brent plunged 6.2% after a four-day losing streak sent prices to three-week lows.

The West Texas ... (read more)