Oil Takes Northward Graph With Biggest One-Day Gain In Six Years

August 27, 2015 11:56 pm0 commentsViews: 19

Crude oil futures have gained the biggest one-day rally in more than six years on Friday amid news of diminished crude supplies and recovering equity markets.

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This is the first weekly gains in past eleven weeks on US crude CLc1 futures, ending the losing streak since 1986.

However, the commodity prices recovery still seems to be in fragile phase as growth of the Chinese market not predicted. The failing auto sales of China is at forefront of concerns and its economy is slowing faster than expected.

BMI Research said they have earlier in August made some downward revisions forecasts of oil and some other commodities, and will be making the same adjustments further across agriculture, energy and metals as well.

It is reported Venezuela is contacting other OPEC members to call them for an emergency meeting with Russia for making a plan how to stop global oil price cut.

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