Oil edged higher in Asia

By FXStreet FXStreet (Mumbai) – Oil prices at both the sides of the Atlantic rallied in Asia after the ECB hinted at more stimulus in March.

Bent futures currently trade 1.62% or 48 cents higher at USD 30.08/barrel. WTI oil futures trade 2.69% or 80 cents higher at 30.34/barrel.

Prices rose in the NY session after Draghi left the doors open for more action at March meeting. Prices also received a boost from a smaller-than-expected increase in the U.S.’s crude stockpiles, which last week rose around 4 million barrels.

As of now, the risk on rally in the equities is ensuring the oil bears remain on the sidelines. However, the supply glut stays intact and thus any oil price could quickly run into offers.
For more information, read our latest forex news. …read more

Source:: FX Street