Crude Rises After 6-Day Losing Streak

Reuters reported that Brent crude prices increased to nearly $2 a barrel after a 6-day losing streak, as low prices triggered buying. Brent futures for June delivery have risen to $99.13 per barrel, after a $1.44 increase.

As quoted in the market news:

We haven’t seen any change in the fundamentals, so the view that we’re in oversold territory is probably true,” said Gene McGillian, broker and analyst at Tradition Energy in Stamford, Connecticut, adding that traders with long bets on crude oil prices had likely eased their liquidation selling.

Click here to read the full Reuters report.