Oil News

Equity markets fell after a source told Reuters that Bank of America has been deemed to need $34 billion more in capital

Oil steadies around the $54 mark as traders wait

Equity markets fell after a source told Reuters that Bank of America has been deemed to need $34 billion more in capital

Oil steadied below $54 on Wednesday after renewed worries about the financial sector neutralized bullish weekly oil inventories data showing unexpected falls in crude and gasoline stocks. Equity markets fell after a source told Reuters that Bank of America has been deemed to need $34 billion more in capital, driving the S&P 500 futures SPc1 down 1.22 percent by 0219 GMT. “For the next month or so, oil could trade sidweways as people wait to see whether we have actually reached the bottom in the global economic cycle and for demand to start coming back online and for these big inventories to be drawn down,” said Ben Westmore, commodity analyst at National Australia Bank. Crude Oil is trading at $54.35 as of 10:10am, London Time.