The Traderszone Network

Published in TZ Latest News 5 February, 2015 by The TZ Newswire Staff

Oil extends rally, but swelling inventory drags

Crude oil prices rose as much as $1 on Friday, continuing a rebound from near six-year lows plumbed last week, but rising global inventories and steady OPEC supply will likely cap gains. Crude prices closed more than 4-percent higher on Thursday as conflict in producer Libya and an expected boost in oil demand following China’s central bank easing helped the market rebound. “There are signs of rejuvenation in short-term physical demand … although not sufficient to make a meaningful dent to the supply overhang,” National Australia Bank analyst Vyanne Lai said in a note.

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