Trader’s Timeout: Oil Prices Hit 6-Month Highs on Canadian Wild
Posted: Wed May 11, 2016 12:27 pm
From the desk of Evdokia Pitsillidou, Risk Management Associate at easyMarkets.
Oil prices surged to new six-month highs in mid-week trading, as an unexpected drawdown in US commercial crude inventories combined with concerns over supply disruptions in Canada’s oil sands region.
The West Texas Intermediate (WTI) benchmark for US crude futures spiked above $46 a barrel on Wednesday to reach its highest level since early November. Brent crude was up over 4% in mid-week trading to settle around $47.43 a barrel. The international benchmark still has ways to go before knocking out 2016 highs above $48 a barrel.
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