Crude demonstrates further gain in Asia after sudden US stocks draw

Crude demonstrates further gain in Asia after sudden US stocks draw

On Thursday, in Asia crude prices rallied further, building on overnight revenues following a positive report on American inventories.

In New York, June delivery crude futures tacked on 0.49%, being worth $47.56 a barrel. As for London, Brent futures surged 0.44%, trading at $50.44 a barrel.

Overnight, crude futures rose because traders appreciated the latest data from the Energy Information Administration, demonstrating that American crude inventories sagged more than expected.

Crude prices managed to surge back higher than $47 just to settle higher, as market participants’ worries regarding ascending levels of American crude output relieved, right after the EIA disclosed a bullish inventories report.

Gasoline inventories edged down by only 0.150 million versus expectations for a draw of 0.538 million barrels, while distillate stockpiles sank by 1.6 million barrels, compared to hopes for a 1 million dip.

 

Similar

Gold slumps to 1-week minimum as greenback is still backed

On Wednesday, gold declined to one-week minimum because strength in the evergreen buck kept weighing, in spite of the fact caution ahead of the minutes of the Fed’s latest gathering along with uncertainty surrounding a huge American debt auction this…

Popular

EU shares mostly inch down

On Friday, EU shares mostly traded lower because markets were busy with digesting comments by ECB President Mario Drgahi…

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

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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