The Traderszone Network

Published in TZ Latest News 16 February, 2015 by The TZ Newswire Staff

Brent crude extends rally, but analysts warn prices could drop

Brent crude extended its rally on Tuesday, moving further away from six-year lows hit in January, but some analysts warned that prices had risen too far and could face a downward correction. Benchmark Brent crude futures were trading up 50 cents at $61.90 a barrel by 0420 GMT (11.20 p.m. EST), while U.S. WTI crude had risen 26 cents to $53.04 a barrel. “The recent bullishness is not heavily backed by technical and fundamental analysis, and so should not last,” said Daniel Ang of Singapore-based Phillip Futures.

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