Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
API estimates suppress crude in Asia
On Wednesday, crude went down in Asia because gloomy US industry inventory estimates affected market sentiment and attention is shifting to an OPEC gathering in Vienna on oil output curb extensions.
January delivery crude futures dived 0.10% in New York being worth $57.67 a barrel. At the same time, in London, Brent futures lost 0.02% reaching $62.99 a barrel.
American crude stocks edged up by 1.821 million barrels, as the American Petroleum Institute informed on Tuesday. Gasoline supplies headed south by 1.529 million barrels, distillates added by 2.696 million barrels.
At the oil storage hub at Cushing, Oklahoma, supplies went down by 3.178 million barrels
Market experts expected crude stocks to slump by 2.301 million barrels at the end of the previous week. As for distillate stocks, they were supposed to rally by 230,000 barrels. Additionally, gasoline inventories were forecast to add by 1.199 million barrels.
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Oil alert: wait for the inventories
Yesterday’s private survey showed larger-than-expected cut in oil output.
Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Latest news
Market updates on September 20
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Market updates on September 19
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.
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