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Brent climbs up, hovering over 26-month maximum amid supply concerns
On Wednesday, Brent crude prices ascended just to sit not far off 26-month maximums reached in the previous trading session amid fresh threats from Turkey that it could reduce crude exports from Iraq's Kurdistan region.
November delivery crude futures added 0.4% being worth $58.65 a barrel. On Tuesday, it lost 1% having reached $59.49, its highest outcome since July 2015, surpassing a 2017 dip by 34%.
US November delivery grew 0.5% hitting $52.12, having dropped 0.7% after reaching a five-month maximum of $52.43 on Tuesday.
Crude prices have been underpinned by output curbs by OPEC as well as other key producers. However, American crude futures have lagged behind Brent amid worries that American production-surge could drive oversupply.
American crude supplies have been going up as imports and output revive in the aftermath of Hurricane Harvey.
On Wednesday, the US Energy Information Administration is expected to issue stocks data.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!