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Crude gains on positive economic data

Posted on: March 02, 2016

WTI gained 65 cents on Tuesday to settle at $34.40, while Brent was up almost a quarter to settle at $36.81. Positive economic data sparked the rally, as manufacturing and construction spending was greater than expected. There are now 15 countries that support freezing production, at least with their mouths.

After the settle yesterday API showed a large build of almost 10MM in overall stocks while Cushing saw a build close to 2MM which is causing some selling pressure this morning, we will see if the EIA report confirms those numbers.

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