- Crude oil continues to rally, with Brent crude climbing to $60/bbl for the first time in more than two years and U.S. WTI poised to mark another six-month settlement high.
- At last check, Brent +1% at $59.90/bbl and WTI +1.5% at $53.44/bbl.
- Traders say today's move is driven mostly by currency markets, with the dollar whipsawed by a report that Pres. Trump is leaning towards Jerome Powell as the next Fed chairman.
- Brent has rallied more than 30% since June as markets finally appear to tighten after a three-year slump amid strong demand and OPEC's production cuts.
- But the $60 mark has proven a tough nut to crack for Brent, as “markets are worried that shale producers will increase output at the $60 mark, derailing efforts made by OPEC and Russia,” says Adrienne Murphy, chief market analyst at AvaTrade. “When oil approaches $60, traders become unnerved and start to selloff to avoid the slump.”
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Oil: No Emotions, Only Facts And Numbers
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Brent crude touches $60 for the first time in two years
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