Oil News

Oil prices steadied below $78 a barrel on Friday, looking for fresh direction after a firmer U.S. dollar and weak stock markets triggered a 2 percent fall the previous day.

Crude Oil trading steadies at $78 per barrel as investor await news

Oil prices steadied below $78 a barrel on Friday, looking for fresh direction after a firmer U.S. dollar and weak stock markets triggered a 2 percent fall the previous day. The market is directionless at the moment. Prices have been moving sideways between the $75-$82 range for the past month and we’ll need a lot more positive news for prices to break out of the $82 level which I think is unlikely to happen,” said Tony Nunan, an analyst at Mitsubishi Corp in Tokyo. The dollar and yen kept their broad strength on Friday as investors continued to sell higher-yielding currencies and took profits from gains made in the past few months in risky assets. Crude Oil is trading at $78 as of 8:05am, GMT with a bullish trend.

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