Crude ascends on tighter supplies

Crude ascends on tighter supplies

On Monday, crude rallied due to supply concerns in the Middle East. Additionally, the American market demonstrated further signs of tightening. Meanwhile, demand in Asia keeps going up.

Brent crude futures hit $57.87 rising 0.21% from their previous close.

American West Texas Intermediate crude futures reached $52.04 a barrel, gaining 0.39%.

Market experts point out that crude is staying above $50 because probable supply disruptions in the Kurdish region of Iraq underpin prices.

American oil output was also recently affected by a hurricane for the second time, while the overall number of American drilling rigs went down for the third week in a row.

The overall amount of American crude rigs drilling for fresh output sank by seven to 736 by October 20, which is the lowest outcome since June, as energy services company Baker Hughes disclosed on Friday.

In Asia, crude surge is still firm enough especially in India and China, which are one of the biggest crude importers in the world.  

Similar

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Crude rallies as American crude stocks dive

On Thursday, crude tacked on after a data report disclosed a soar in American crude inventories, although ascending gasoline stocks along with crude output weighed on the market…

Popular

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera