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29 Jan 2016
WTI on track to post second weekly gain in a row
FXStreet (Córdoba) - Crude prices managed to make a turnaround mid American session, with West Texas Intermediate futures trading positively for the day and on track to post second weekly gain in a row.
West Texas Intermediate crude for March was up 0.93% at $33.35 a barrel, after swinging between a high of $34.40 and a low of $32.65 during the New York session. WTI is set for a 5% weekly gain.
On Friday, Iran said it won’t participate in any plan for coordinated output cuts with other members of the OPEC. Oil prices rallied on Thursday after Russian minister said Saudi Arabia had proposed oil production cuts of up to 5% for all producers, to counter the supply glut and stabilize prices.
West Texas Intermediate crude for March was up 0.93% at $33.35 a barrel, after swinging between a high of $34.40 and a low of $32.65 during the New York session. WTI is set for a 5% weekly gain.
On Friday, Iran said it won’t participate in any plan for coordinated output cuts with other members of the OPEC. Oil prices rallied on Thursday after Russian minister said Saudi Arabia had proposed oil production cuts of up to 5% for all producers, to counter the supply glut and stabilize prices.