Market Briefing

Mon 21 Mar 2016, 07:20 GMT

Oil goes on rollercoaster ride.

Oil goes on rollercoaster ride

Crude oil prices spiked around noon LDN time reportedly on news that militants in Algeria attacked a gas plant operated by Sonatrach, BP and Statoil. No damage or casualties were reported but the facility was shut down as a safety precaution.

Baker Hughes released its weekly oil rig count. Total rigs in the US fell by 4 to 476 comprised of -5 gas rigs and +1 oil rigs. This was the first weekly gain since December 2015. Crude prices came off at the time of data release. It was an equally sharp retracement to bring prices closer to the day's closing level.

The USD Dollar Index ended up higher after sliding 2.55% in two days post FOMC meeting and news. This possibly added to the retracement in oil prices on Friday.

Data from the US CFTC showed that speculators increased their net long positions in WTI futures and options by 25 percent, making it the 4th week of higher net longs.


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