Confidence about the continuation of reductions to stimulus policy in the U.S. prompted Brent crude oil futures to push toward weekly gains on Friday, according to Bloomberg.
The energy commodity was barreling toward climbs of roughly 1.8 percent this week, prompted by the Federal Open Market Committee announcing on Wednesday it resolved to slash stimulus by $10 billion. Economists polled by the news source said the body is likely to continue with that type of tapering during its 2014 meetings.
"Improvement in the U.S. economy is clear," chief oil market strategist Amrita Sen with consultancy Energy Aspects Ltd. in London told the news source on Friday. "That should offset any small negative impact from tapering. It has taken a few months for the market to acknowledge the upside surprise from global oil demand."
At 8:54 a.m. on Friday, West Texas Intermediate crude oil futures edged down 0.06 percent, a 6-cent loss to $98.98 per barrel. Brent crude oil futures rose 0.52 percent, a 57-cent advance to $110.86 per barrel.
Reuters reports the National Energy Board of Canada granted approval for Enbridge to construct a pipeline that stretches from Alberta to the nation's Pacific Coast.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
