Crude Ticks Higher Following Recent Slump; ECB Lowers Key Rate (USO) (OIL)
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Crude is back on the move following a rough 2013 so far.
According to the WSJ, crude was poised for a bounce higher following a 3.7 percent drop over the last two days on expectations of sluggish demand tied to recent economic data out of China and the U.S.
Today, the European Central Bank cut its benchmark rate by 25 basis points to 0.50 percent, while Americans seeking unemployment benefits fell to 324,000 apps, a five-year low. Though it might not signal a full-on rebound, some analysts suspect that WTI might trade in the range of $85 to $98, making a $1 or $2 per barrel move something to be expected.
June contracts, the most actively traded, last clicked by up $2.96 to $93.99 per barrel on the Comex.
Moving higher on the session are United States Oil Fund LP (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return (NYSE: OIL).
According to the WSJ, crude was poised for a bounce higher following a 3.7 percent drop over the last two days on expectations of sluggish demand tied to recent economic data out of China and the U.S.
Today, the European Central Bank cut its benchmark rate by 25 basis points to 0.50 percent, while Americans seeking unemployment benefits fell to 324,000 apps, a five-year low. Though it might not signal a full-on rebound, some analysts suspect that WTI might trade in the range of $85 to $98, making a $1 or $2 per barrel move something to be expected.
June contracts, the most actively traded, last clicked by up $2.96 to $93.99 per barrel on the Comex.
Moving higher on the session are United States Oil Fund LP (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return (NYSE: OIL).
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